I have building for $7000. In the Trial balance, it is mentioned that the 3%Depriciation is $500 dollers. Surprizingly how will we treat the depriciation although we make an addition to the building on 12-2006 and accounts are being closed on 31-12-06.
2007-01-18 08:46:09 · 2 answers · asked by mugheezs 1 in Business & Finance ➔ Small Business
You will create a new ledger account (on the asset side, long-term assets) called '2006 building improvements', or something to that effect with a new depreciation account for it. The old building account and its depreciation account should be unaffected. Confirm this with your accountant.
2007-01-18 09:03:09 · answer #1 · answered by morlock825 4 · 0⤊ 0⤋
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2016-05-24 04:28:38 · answer #2 · answered by ? 4 · 0⤊ 0⤋