dep treatment in company accounts
This query is : Open
15 September 2010
If a part of Invertor is sold during the year so how we calculate loss/profit & depreciation for that year.according to companies act.
For Example Cost of Invertors(not known the no of invertors) is 100000 dep upto 31.3.2009 is 40000 & on 30.6.2009 a invertor is sold for Rs. 5000,the actual cost of that invertor is not known as a single head is used for all invertors how dep & loss/profit on sale of invertor is calculated according to companies act,will it affect deffered tax also
For Example Cost of Invertors(not known the no of invertors) is 100000 dep upto 31.3.2009 is 40000 & on 30.6.2009 a invertor is sold for Rs. 5000,the actual cost of that invertor is not known as a single head is used for all invertors how dep & loss/profit on sale of invertor is calculated according to companies act,will it affect deffered tax also
15 September 2010
The companies act identifies a single asset & from the fixed asset register can tell you the exact cost of one inverter & depreciation charged thereon.
16 September 2010
but many times we capitalise many item with the same head and its not tracable to a particular asset so how we calculate exact cost of a single asset and a sepearte register is also not maintained by the client so how i recognise the sale & dep & profit/loss in the books.please reply
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