83 – Depreciation – Buildings and Improvements

 Overhead Expenses

 

Synopsis

Account 83

Debits

Credits

  1. Monthly depreciation of Buildings and Improvements.

 

 

Remarks:

Rates of depreciation vary according to the type of building and building equipment and their useful life expectancy, competent tax counsel should be consulted to determine depreciation rates.

All buildings, building equipment, and improvements should be listed in detail on a fixed asset inventory and depreciation record.