Question

Hi...

I have a query regarding Depreciation...
As per my knowledge depreciation is a one time entry which is passed at the year end..

Eg;- 31/3/17.  Dep for P&M A/c....Dr.    50,000
                             To prov for dep for P&M A/c.   50,000
                       (Say, 5,00,000@10%)
and so on....

Now tell me...is it ever possible to pass the above mentioned entries every month (i.e on monthly basis) on any kind of provisional basis..!!??

Eg;- 30/4/16.       Dep for P&M a/c....Dr.    2,000
                                      To PFD for P&M A/c.  2,000

          31/5/16.     Dep for P&M a/c....Dr. 2,000
                                      To PFD for P&M a/c.  2,000
               (this amount of 2,000 is on provisional basis)

And so on....

Then at year end a reverse entry is passed to adjust the excess or short of dep, as the case may be.. and a final entry is passed with actual amount of Dep.

Would like to confirm whether such type of practice is even acceptable in practical world...??

Hope i got my query understandable..

Thanks in advance..

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