Depreciation
This query is : Resolved
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.
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
- GST rate and HSN code for sale of racing horses
- 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?
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
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
