The provision for depreciation account is credited when depreciation is charged on a fixed asset. The corresponding debit entry is made in the:

When depreciation is charged, the double entry is: Debit Profit and Loss Account (or Depreciation Expense Account, which is then transferred to P&L) and Credit Provision for Depreciation Account. The fixed asset account remains at historical cost; the provision account accumulates the depreciation. The balance sheet is a statement, not a ledger account.