Depreciation

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gaurav (Querist)
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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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 November 2014 You can charge at 60% rate.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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25 November 2014 Charge 60% depreciation. Also the short deprecation charged in FY 2012-13 needs to be shown as prior period depreciation.

gaurav

gaurav (Querist)
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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

CA R SEETHARAMAN (Expert)
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26 November 2014 Yes you are right.............

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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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