ACCOUNTING FOR FIXED ASSETS
This query is : Resolved
23 September 2010
HOW TO PROVIDE DEPRECIATION IN CASE OF FIXED ASSETS WHICH ARE INDIVIDUALLY HAVING VALUE LESSER THAN RS.5000/-.
EG I PURCHASED 7 FANS HAVING RATE OF RS.1200/- PER FAN BUT TOTALING TO RS. 8400/-. WHETHER 100 % DEPRECIATION IS TO BE PROVIDED AS PER COMPANIES ACT.
EG I PURCHASED 7 FANS HAVING RATE OF RS.1200/- PER FAN BUT TOTALING TO RS. 8400/-. WHETHER 100 % DEPRECIATION IS TO BE PROVIDED AS PER COMPANIES ACT.
23 September 2010
yes you can claim 100% depreciation .
Entry will be as
fan (fixed assets) -dr
to bank
and
depreciation - dr
to fan or depreciation reserve a/c
Entry will be as
fan (fixed assets) -dr
to bank
and
depreciation - dr
to fan or depreciation reserve a/c
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23 September 2010
AND HOW TO ACCOUNT AS PER INCOME TAX ACT WHETHER FULL DEPRECIATION OR BLOCK %AGE.
23 September 2010
ON THE BLOCK
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