Multiple choice

To which account should the depreciation account be transferred in order to close it?

  1. Profit & Loss A/c

  2. Profit & Loss Adjustment A/c

  3. Profit & Loss Appropriation A/c

  4. None of these
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Depreciation account is an allowed expense. So it should be transferred to the Profit & Loss A/c

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