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Assets written off

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 August 2015 Dear experts

With the implication of schedule II of companies act, most of the assets of the company which have expired their life as per schedule II have to be write off from reserves & surplus. This is a way has reduced the value and nos of fixed assets of the company drastically.

How this will impact the networth of the compnay??

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CA John Abraham Austin ACA

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CA John Abraham Austin ACA (Expert)
12 August 2015 Automatically, depleted.
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Querist : Anonymous

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Querist : Anonymous (Querist)
12 August 2015 it means this will be the case with a no of companies who invested a huge capital in the start of their business..
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CA John Abraham Austin ACA

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CA John Abraham Austin ACA (Expert)
12 August 2015 Yes. They want the books should give a correct position of the Assets & Liabilities..
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