First up all depreciation shedule is prepared as per statutory requirement. Secondly with reference to the depreciation shedule journal entry has to be passed by debiting the depreciation account and crediting the concerned fixed assets account.
Fixed asset depreciation schedule shows the calculation of yearly depreciation expense which is scheduled to be charged to income statement for all fixed assets and the total amount of depreciation applicable to specific income statement of business.
Depreciation policy is management thing that what depreciation method to use and how much depreciation to charge to each asset. Depreciation concepts are concepts which govern the depreciation process which management cannot change they are universal rules to follow depreciation that how straight line depreciation work etc.
Debit depreciation accountCredit accumulated depreciation
Rental real estate income and losses are entered on line 17 of Form 1040 for 2009. The figure that you enter on that line comes from Form 1040 Schedule E (Supplemental Income and Loss). Generally, your biggest expense for rental property is depreciation. So you'll be attaching Schedule Eand Form 4562 (Depreciation and Amortization) to your Form 1040.
Depreciation is for a particular year (say for Year 3). Accumulated depreciation is the aggregate of depreciation from the beginning (say from Year 1 to Year 3)
Yes depreciation schedule is required to disclose for the better understanding for the reader of the books of accounts.
Fixed asset depreciation schedule shows the calculation of yearly depreciation expense which is scheduled to be charged to income statement for all fixed assets and the total amount of depreciation applicable to specific income statement of business.
A lapsing schedule of fixed assets is a tool used by accountants to mark the depreciation value over time. The schedule includes original purchase cost of each asset, sales of the assets and accumulated depreciation.
It is the schadule to show how fixed assets will depreciate in their useful life and show all information according to useful life the depreciation expense charge to income statement and to dispose off them in the end.
Accumulated depreciation and depreciation are related with each other as depreciation is annual expense while accumulated depreciation is the sum of all annual depreciation expenses.
Accumulated depreciation and depreciation are related with each other as depreciation is annual expense while accumulated depreciation is the sum of all annual depreciation expenses.
Depreciation expenses is for one specific fiscal year while accumulated depreciation is the sum of all depreciation expenses that’s why accumulated depreciation exceeds the depreciation if there is depreciation expense in prior year as well.
Depreciation policy is management thing that what depreciation method to use and how much depreciation to charge to each asset. Depreciation concepts are concepts which govern the depreciation process which management cannot change they are universal rules to follow depreciation that how straight line depreciation work etc.
Debit depreciation accountCredit accumulated depreciation
Rental real estate income and losses are entered on line 17 of Form 1040 for 2009. The figure that you enter on that line comes from Form 1040 Schedule E (Supplemental Income and Loss). Generally, your biggest expense for rental property is depreciation. So you'll be attaching Schedule Eand Form 4562 (Depreciation and Amortization) to your Form 1040.
Depreciation is for a particular year (say for Year 3). Accumulated depreciation is the aggregate of depreciation from the beginning (say from Year 1 to Year 3)
[Debit] Depreciation account [Credit] Accumulated depreciation