Calulation of dep as per co act 2013

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Himanshu Mehta (Querist)
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17 June 2015 co. purchased a printer on 20/07/2011of Rs. 12631and its WDV as on 01/04/2014 is Rs 5843.47 what is amt.of dep. for the year 2014-2015 and the rate of dep. and remaining value of printer

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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17 June 2015 divide the amount by the life of asset as per sch2.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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17 June 2015 Printer is considered as OFFICE EQUIPMENTS having useful life of 60 months as per schedule II of the Companies Act,2013.

It is used for 32(rounded off) months as on 31-3-2014.

Therefore, remaining life is 28 months.

Residual value is Rs. 632 being 5% of original cost.

Wdv less residual value as on 1-4-2014 is Rs. 5211.47

Depreciation for FY 2014-15 under SLM is
5211.47*12/28 = Rs.2233.49

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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17 June 2015 sir if already residual value was earlier deducted then no need to again deduct 5% residual value.

My answer was based on this recommendation by a senior central council members suggestions on same.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 June 2015 Residual value will be retained in the WDV. I agree with the calculation of Mr. B. Chackrapani Warrier.

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