Question

Give the entry of Depreciation. Along with it's definition.

Answer 1

Heyaa,

Depreciation means decrease in the value of Fixed assets , due to continuous use & Tear & wear & Time.

Entry of Depreciation.

Depreciation a/c. Dr
To fixed assrs a/c.

Answer 2

Depriciation is defined as the decriment of the monetary value of an asset decreases over time due to use, wear and tear or obsolescence.

Entry of Depreciation.

Let’s assume that a piece of machinery worth 1,00,000 is charged depreciation (Straight line method) at 10%. 

The journal entry will be;

Depreciation A/C 10,000   
To Machinery A/C 10,000