When precision for depreciation account is maintained, the annual charge for depreciation shall be?

A. debited to the provision account and credited to profit and loss account
B. debited to the asset account and credited to profit and loss account
C. debited to profit and loss account and credited provision account
D. debited to the asset account and credited to the provisio account
E. debiited to theprovisiom account and credited to the asser account

Correct Answer:

Option C – debited to profit and loss account and credited provision account