Compulsary to charge depreciation under companies act
This query is : Resolved
CA Ritesh Garg
(Querist)
20 August 2011
I wish to know whether it is compulsary to charge depreciation under Companies Act even if asset is no longer in the use for business. Suppse building in this case.
Give support for your answer.
Regards
Ritesh
Give support for your answer.
Regards
Ritesh
21 August 2011
Your query will cover under AS 10 Accounting for Fixed Assets.
Fixed Assets are retired from Active use and held for disposal:
1. Book these assets in the financial statements as lower of Net book value or net realizable value.
2. Expected Loss should be recognized in P&L immediately
3. should be separately shown in financial statement.
Thanks,
CA M Sreenivasa Rao.
Fixed Assets are retired from Active use and held for disposal:
1. Book these assets in the financial statements as lower of Net book value or net realizable value.
2. Expected Loss should be recognized in P&L immediately
3. should be separately shown in financial statement.
Thanks,
CA M Sreenivasa Rao.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Tax on Amount transferred in HUF Account
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
