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Module 1: Balance day adjustments in the general journal and ledger

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XSIQ
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Accounting - Topics - Depreciation Reporting

Reporting

Depreciation of motor vehicles will be treated as an expense in the Profit
and Loss statement, classified directly as a motor vehicle expense or under
the heading of selling expenses. [1]

In the balance sheet the current period's depreciation must be added to
the accumulated depreciation, with that amount then being deducted from the
relevant asset.

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[1] http://alison.com/#