The ultimate destination for every penny spent by a business enterprise is the Expenses side of the Profit & Loss Account. Some items of expenditure are recorded as expenses right away, while others are temporarily stored in a warehouse called Balance Sheet, and transferred to the P/L Account in instalments. Till such items stay in the B/S, they are called Assets and each instalment transferred to the P/L Account is called Depreciation.
Posted on: Fri, 12 Dec 2014 07:48:39 +0000
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