30 October 2015
Depreciation as per Schedule II of CA 2013 is mandatory from 01.04.2014.
You need to check the remaining useful life of old asset and depreciate the asset over its remaining useful life.
If life of asset is already expired but the balance remains then you can charge the remaining balance after keeping the scrap value to retained earnings or you can keep the value as it is till the asset is discarded.
For new asset new depreciation rates as per CA 2013 based on useful life of asset can be applied.
30 October 2015
Also Check out Application Guide on the provisions of Schedule II to the Companies Act 2013 by Corporate Laws & Corporate Governance Committee of ICAI from link given below:
CAclubindia
