IN THE MONTH OF MARCH 31.03.2013 ON SUNDAY SO I HAVE SHOWED THE DEPRECIATION ENTRY ON 30.03.2013. IT IS CORRECT OR INCORRECT. PLEASE REPLY
KISAN G. GADEKAR from India
Yes, dear, it is correct because Sunday will be holiday. There is not any effect whether entry of depreciation should be done on Sunday or Saturday or any other day. One this is not cash payment. Second, it shows the decrease value of any asset which affect our revenue and financial position. If you have charged one year depreciation. You should charge it end of year but if there is Sunday on same day, you can pass the entry of depreciation on Monday or Saturday.