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Question

The amount of depreciation charged on machinery is debited to ________ account.

A
Depreciation
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B
Machinery
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C
Provision of Depreciation
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D
Fixed Asset
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Solution

The correct option is B Depreciation
Depreciation is charged on a certain percentage on each of the asset every year. Depreciation is an indirect cost for which the following entry will be passed:

Depreciation A/c Dr.
To Asset A/c

Later on, depreciation a/c will be transferred to profit & loss a/c.

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