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Journals for depreciation

This topic has 1 reply, 2 voices, and was last updated 10 years ago by neilsolaris.

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October 7, 2015 at 7:45 pm #275461
forfor1
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Hi i need some help regarding this topic.
what are the journals for depreciation in regards to fixed assets?
any detailed answer appreciated, thanks
October 14, 2015 at 8:50 pm #276349
neilsolaris
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It is credit asset, debit retained earnings.
Sometimes, if the asset has been revalued upwards, then the excess depreciation can be debitted to other components of equity, if so elected. But you might want to check I understand this right.
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