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O Level Accounts Notes - All Pages

The document shows accounting entries for depreciation of a fixed asset. It debits the provision for depreciation account and credits the profit and loss account to record depreciation expense. It also provides a calculation to determine the depreciation amount by taking the value of the fixed asset at the start of the year, adding any additions, and subtracting the value at the end of the year.

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its2kool
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37K views59 pages

O Level Accounts Notes - All Pages

The document shows accounting entries for depreciation of a fixed asset. It debits the provision for depreciation account and credits the profit and loss account to record depreciation expense. It also provides a calculation to determine the depreciation amount by taking the value of the fixed asset at the start of the year, adding any additions, and subtracting the value at the end of the year.

Uploaded by

its2kool
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Debit ----------------- Profit & Loss A/C

Credit ---------------- Provision for depreciation A/c


Value of Fixed Asset at the year start +Additions - Value at the year end

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