Depreciation
This query is : Resolved
25 November 2014
Last Year (F/y 2012-2013) By Mistake on an asset on which depreciation rate is 60% we charged 10% depreciation, So what we should do in our books for F/Y 2013-2014.
Whether we should charge depreciation with 10% rate or 60% rate
Whether we should charge depreciation with 10% rate or 60% rate
CA R SEETHARAMAN
(Expert)
25 November 2014
You can charge at 60% rate.
25 November 2014
Charge 60% depreciation. Also the short deprecation charged in FY 2012-13 needs to be shown as prior period depreciation.
26 November 2014
It means first of all I will have to calculate its W.D.V and then charge 60% Depreciation. Am I right ?
CA R SEETHARAMAN
(Expert)
26 November 2014
Yes you are right.............
26 November 2014
Yes. You will have to calculate wdv and then charge 60%. Short depreciation of 12-13 will be considered in 13-14 as prior period.
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