Accounting Mcqs

Q.  Depreciation appearing in the Trial Balance should be?

a. Debited to P&L A/c
b. Shown as liability in Balance Sheet
c. Reduced from related asset in Balance Sheet
d. Both A. and C. above


ANSWER: See Answer
 
Any item appearing in the Trial Balance will have one effect i.e., depreciation appearing in the Trial Balance will be debited to the Profit & Loss Account. However, if depreciation is given in the adjustments, it will have double effect i.e., it should be debited to P&L A/c and deducted from the gross fixed asset block in the Balance Sheet also.
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