Depreciation
This query is : Resolved
CA Chetan Singhal
(Querist)
26 July 2012
Whether as per companies act depreciation will be charged on the assets which is sold during the year even if sale in 11th month of f/y and what will be the treatment of accumulated depreciation and profit or .loss there on?
27 July 2012
Yes, depreciation is to be calculated till the date of sale.
Accumulated depreciatioon till the date of sale is to be reduced from original cost to arrive at writen down value (WDV).
Compre WDV with sale price. If SP is more than WDV, book profit on sale and loss if vice versa.
Accumulated depreciatioon till the date of sale is to be reduced from original cost to arrive at writen down value (WDV).
Compre WDV with sale price. If SP is more than WDV, book profit on sale and loss if vice versa.
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