Accounting for IGCSE & O level - Accounting Procedures (Section 3 - No. 39)
What are the steps involved in accounting for depreciation?
Record annual depreciation charge in the general ledger.
Balance off the asset account and take the balance to the statement of financial position.
Debit the depreciation account.
Determine the double entries for the annual depreciation charge.
Explanation
Accounting for depreciation charges involve recording depreciation, transferring balances, and recording journal entries.
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