Office Management |
| PROPERTY, PLANT AND EQUIPMENT |
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The dealership must maintain property, plant and equipment records to provide accounting control over the assets and to record depreciation. An individual property card, as illustrated below, should be maintained for each asset. Accumulated depreciation for each item should be recorded on the reverse side of the property card at year end and when an asset is sold or retired. At least once a year, a physical inventory of these assets should be taken and the inventory date recorded on the property card. Total of the cost and accumulated depreciation, as shown on the cards, should be taken at least annually and reconciled to the control accounts in the general ledger. |
PROPERTY AND DEPRECIATION RECORD |
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