Capitalisation of Fixed Assets
This query is : Resolved
15 July 2010
Is there any provision in Co. Act that if value of fixed assets (suppose P&M) purchased during the year exceeds 10% of WDV then it is to be capitalised ? Or does AS-10 contains any clause regarding it ?
15 July 2010
Never heard of such rule. No such rule.
15 July 2010
There is a proviso to note no.8 of schedule XIV of the Companies Act,1956 which reads as follows.
'provided that where aggregate actual cost of individual items of plant and machinery costing Rs. 5,000/- or less constitutes more than 10 % of the total actual cost of plant and machinery, rates of depreciation applicable to such items shall be the rates specified in item 11 of this schedule'.
'provided that where aggregate actual cost of individual items of plant and machinery costing Rs. 5,000/- or less constitutes more than 10 % of the total actual cost of plant and machinery, rates of depreciation applicable to such items shall be the rates specified in item 11 of this schedule'.
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15 July 2010
Correction of earlier statement
Nothing apart from that is there.
Nothing apart from that is there.
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