Accounting Standard 6 Depreciation
This query is : Resolved
Pawan Patil
(Querist)
28 June 2008
Dear Sir,
With referce to above subject,ABC Company
purchased Machinery for Rs. 380000.00 & it's useful life is 12 Years & at the time of purchase Scrap Value is 20000.00. Company Charge Streightline Depreciation method.
After two years its scrap value is increase by 30000.00
I want know about Historical cost change or not
Advice me for same
Your immediate respose will highly appreicated
With best regards,
VILAS CHOUDHARI
Dear Sir,
With referce to above subject,ABC Company
purchased Machinery for Rs. 380000.00 & it's useful life is 12 Years & at the time of purchase Scrap Value is 20000.00. Company Charge Streightline Depreciation method.
After two years its scrap value is increase by 30000.00
I want know about Historical cost change or not
Advice me for same
Your immediate respose will highly appreicated
With best regards,
VILAS CHOUDHARI
CA Anand Sarda
(Expert)
29 June 2008
after 2 years the value of the asset is shown as 300000. then at that time ur scrap will be increased by 30000 that means depreciation should be calculated on (300000-30000) for the remaining life of the asset that is 10 years.
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