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Why depreciation is charged in P&L Account?
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Answer Posted / sonali
Depreciation is reduction in the price of fixed assets due
to wear and tear over a passage of time. It shud be shown
in P&L A/C bcoz while disposing off the asset u will get
lesser price than for what u had purchsed it so its one
kind of loss (in rupees). As we use double entry accounting
system we have give two effects of the transaction so one
effect is shown in P&L debit side and one is less from
fixed assets.
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