Depreciation
This query is : Resolved
20 May 2015
One of my friend went for the interview. In the interview, the interviewer asked him one question. The Question was like this.
A Company is using an asset which has been depreciated for full year and its book value has become zero, but the asset is still in usable condition, the company wants to continue to use the assets instead of writing off. So how to make use of the asset for the next financial year.
So anybody can please tell me the answer?
A Company is using an asset which has been depreciated for full year and its book value has become zero, but the asset is still in usable condition, the company wants to continue to use the assets instead of writing off. So how to make use of the asset for the next financial year.
So anybody can please tell me the answer?
28 May 2015
To use the asset it is not necessary that it must appear in the balance sheet. The company can use the asset as long as it is working. The question of charging depreciation does not arise as there is no book value.
Message likes :
1 times
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
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
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
