Accountancy, asked by riyawadhwa724, 2 months ago

Write journal entry to transfer depreciation to profit and loss, account at the end of the year

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Answered by Anonymous

Answer:

The basic journal entry for depreciation is to debit the Depreciation Expense account (which appears in the income statement) and credit the Accumulated Depreciation account (which appears in the balance sheet as a contra account that reduces the amount of fixed assets).

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