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Need help on page Pg 79 no 17.14

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Need help on page Pg 79 no 17.14

  • This topic has 3 replies, 2 voices, and was last updated 5 years ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • October 3, 2019 at 3:22 pm #548029
    farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    why is the allowance for depreciation a credit balance? I thought since depreciation is treated as an expense it should be debited.

    With regard to the previous question on tangible i was able to deal with it but i have to revise the chapter against to clear out some doubts.

    October 4, 2019 at 8:28 am #548099
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    The accumulated depreciation is always a credit balance because the reduces the value of the asset on the SOFP.

    October 4, 2019 at 5:57 pm #548123
    farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    yes if i view it like that its definitely credit. thx

    October 4, 2019 at 6:10 pm #548130
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    You are welcome 🙂

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