Companies act, 2013

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 April 2015 For calculating depreciation as per new act, we need to have cost of asset. If company is old and does not know actual cost of each asset, then how to calculate depreciation in such situation? Also, how to calculate remaining useful life of asset where there is addition of asset?

29 April 2015 How is this possible dear.... don't you hv records, balance sheets

29 April 2015 If you dont have cost of Acquisition of Asset then what amount you show in Gross Block.

For all the new addition there is no need to calculate the remaining useful life. Remaining useful life is required to be calculated in case of old assets only.

29 April 2015 Check out Application Guide on the provisions of Schedule II to the Companies Act 2013 by Corporate Laws & Corporate Governance Committee of ICAI from link given below:

http://220.227.161.86/37329clcgc27675.pdf



Also Check out files from links given below:

https://www.caclubindia.com/files0512/160320_66209_depreciation__summary.pdf

https://www.caclubindia.com/files0512/1415307_66291_depreciation.pdf


Check out rates from link given below:

https://www.caclubindia.com/files0512/496179_59179_depreciation_rate_chart_companies_act_2013.pdf

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 April 2015 If Building is purchased as on 1.4.2008 for Rs.100000/-, then its remaining useful life is 24 (30-6) years as on 31.03.2014. Now if there is addition in same building for Rs. 50000/- as on 1/4/2011, then what will be remaining useful life of this asset? Also Gross block will show Rs.150000/-.


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