If we talk about net value which summation of purchase value less accumulated depreciation then no and the impact of depreciation entry is always debit depreciation and credit accumulated depreciation. Thanks
As per AS-28, in case carrying an amount of asset is more than its recoverable amount, an asset is said to be impaired. What is carrying amount? It means the amount of which asset is shown in the Balance Sheet. Usually, an asset is shown in the Balance Sheet at its cost less accumulated depreciation or amortization and accumulated impairment losses. Till the time, AS 28 came into operation, the impairment losses are not accounted for in the books of account, therefore the asset is shown at its cost less depreciation, but now; the impairment loss is also to be accounted for and therefore the asset to be shown in the Balance Sheet at its cost less depreciation less impairment loss.
