how do i adjust an asset by depreciation i fi already have a provision for depreciat

At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:

Get free answers from experts in any of our 300+ topics.
Accept money for answers that you provide.
Communicate privately with other members (PM).
See fewer ads.

Sign Up!

Answer this Question

Ask about Finance & Accounting

Ask about another Subject

PDA

soul of passion

Mar 1, 2009, 05:13 PM

how do i adjust an asset if i already have a provision for depreciation account in the trial balance

pready

Mar 3, 2009, 03:21 PM

YOu need to know the depreciation method of the asset, the cost of the asset, the salvage value of the asset and the useful life of the asset, has well as the number of years it has been depreciated.

The journal entry to record the depreciation is:
Debit Depreciation Expense for the amount of depreciation.
Credit Accumulated Depreciation for the amount of depreciation.