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Depreciation

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 August 2013 my assessee use on equipment for manufacturing good life of this equipment is hardly 1 year(equipment replace yearly)
my query is how to treat in accounting ?
repairs or maintance or current asset?
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CA M Indani

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CA M Indani (Expert)
24 August 2013 you can claim whole amount of depreciation over period of life of machiner i.e. 1yr or 2 yrs in question...BUT keep record to prove that life is 1/2 yrs only...
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Ganeshbabu K

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Ganeshbabu K (Expert)
24 August 2013 it can be charged to repairs and maitanance,,
.
.
however if the purchased equipement was not used on balancesheet date it can be shown as current asset under inventory which can be classified as consumable item
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