yes ! it comes under nominal account !!
It is a real contra account. The nominal account associated with depreciation is depreciation expense.
It is a real contra account. The nominal account associated with depreciation is depreciation expense.
Yes depreciation is a nominal account and used to allocated the portion of fixed cost to income statement as an expense for that specific period.
Depreciation expense is a nominal account which will goin to net income at the end of term. Accumulated depreciation is a contra account with capital assets which shows up in balance sheet.
Provision of depreciation account is the account of provision of depreciation.First of all we should understand provision of depreciation .Provision of depreciation is the collected value of all depreciation. With making of this account we are not credited depreciation in asset account. But transfer every year depreciation to provision of depreciation account. Every year we adopt this procedure and when assets are sold we will transfer sold assets 'total depreciation to credit side of asset account. For calculating correct profit or loss on fixed asset. This provision uses with any method of calculating depreciation.
It is a real contra account. The nominal account associated with depreciation is depreciation expense.
It is a real contra account. The nominal account associated with depreciation is depreciation expense.
Nominal A/c
Yes depreciation is a nominal account and used to allocated the portion of fixed cost to income statement as an expense for that specific period.
Depreciation expense is a nominal account which will goin to net income at the end of term. Accumulated depreciation is a contra account with capital assets which shows up in balance sheet.
Provision of depreciation account is the account of provision of depreciation.First of all we should understand provision of depreciation .Provision of depreciation is the collected value of all depreciation. With making of this account we are not credited depreciation in asset account. But transfer every year depreciation to provision of depreciation account. Every year we adopt this procedure and when assets are sold we will transfer sold assets 'total depreciation to credit side of asset account. For calculating correct profit or loss on fixed asset. This provision uses with any method of calculating depreciation.
yes, drawing account is a nominal account.
[Debit] Depreciation account [Credit] Asset account
Nominal accounts are closed at the end of each accounting year. In that sense, surely Suspense Account is a Nominal Account.
A provision of depreciation account is different than other accounts because it collects all of the value of depreciation within the account. In the main asset account, depreciation is not credited because it is credited into this account.
Method 1 1 - [Debit] Depreciation Expense xxxx [Credit] Asset account xxxx Method 2 1 - [Debit] Depreciation Expense xxxx [Credit] Accumulated Depreciation xxxx 2 - [Debit] Accumulated Depreciation xxxx [Credit] Asset Account xxxx
[Debit] Depreciation Account [Credit] Assets Account