Answer Posted / k. phalguna rao
Plant and Machinary are fixed assests which are being used
for producing the goods, once the asset (P&M) is being used
for one year for production of goods it's effiency will be
decreased for the next year hence that asset value should
be reduced in the financial year end hence the reduced
value will be loss to the company so as per the Nominal A/c
Losses/Expenses always debit and if any assets value goes
out or reduce as per Real Account should be credit
Depreciation on P & M A/c Dr. xxxx
To Plant & Machinary A/c xxxx
| Is This Answer Correct ? | 33 Yes | 6 No |
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