Hi i need some help regarding this topic.
what are the journals for depreciation in regards to fixed assets?
any detailed answer appreciated, thanks
ACCA Forums
SBRJournals for depreciation
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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