Accumulated Depreciation Vehicles
Code: 1223
👁 Views: 99
Account Information
| Financial Statement | Statement of Financial Position |
| Normal Balance | Credit |
Definition
Accumulated depreciation of vehicles
Note: This account may be broken down into sub-ledgers as needed (e.g., customer/supplier/bank names or branches).
Common Journal Entries
Recorded annual vehicle depreciation
Dr. Depreciation Expense
Cr. Accumulated Depreciation Vehicles
Eliminated accumulated depreciation on vehicle sale
Dr. Accumulated Depreciation Vehicles
Cr. Vehicles
Adjusted vehicle depreciation after inspection
Dr. Depreciation Expense
Cr. Accumulated Depreciation Vehicles
Cleared accumulated depreciation on disposed vehicle
Dr. Accumulated Depreciation
Dr. Loss on Disposal
Cr. Vehicles
📐 IFRS vs US GAAP Accounting Treatment
IFRS
IAS 16
Property, Plant and Equipment
US GAAP
ASC 360
Property, Plant and Equipment
❓ Frequently Asked Questions
Q: What is accumulated depreciation - vehicles?
A: A contra-asset account shown as a deduction from vehicle cost, representing total accumulated depreciation on vehicles.