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Swati mukherjee

Swati Mukherjee (14 Points)

01 July 2016

How to calculate Depreciation on Furniture in F.y 2015-16? as per company Act?

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CA Harshal Totla (Chartered Accountant) (2229 Points)
Replied 01 July 2016

As per schedule ii of companies act,2013 depreciation on assets is to be calculated based on their estimated useful life as per schedule. For Furniture & fixtures(general) useful life is given as 10 years, estimated residual value 5% of original cost accordingly SLM rate comes out to be 9.5% and WDV rate comes out to be 25.89%

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