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Cost of asset

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 July 2014 we have purchased one asset value Rs 100000/-
which comprises vat 5%.
as per accounting standard 6 accounting for depreciation on which value we have to calculate depreciation.
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Vishnu Saboo

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Vishnu Saboo (Expert)
22 July 2014 if asset fulfill condition of capital good, VAT credit is admissible for you, so capitalization shall be done excluding VAT, if it is not CG, including VAT you have to capitalize and depreciation to be charged on same.
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