Depreciation
This query is : Resolved
MADHURESH SUMAN
(Querist)
19 June 2015
hi sir plz help me
how many years go back for calculate carriying amount of individual asset
how many years go back for calculate carriying amount of individual asset
20 June 2015
Under generally accepted accounting principles (GAAP) we follow 'Historical Cost' a measure of value used in accounting in which the price of an asset on the balance sheet is based on its nominal or original cost when acquired by the company.
Hence, we need to go back till date of purchase of the individual asset.
Hence, we need to go back till date of purchase of the individual asset.
Message likes :
1 times
MADHURESH SUMAN
(Querist)
21 June 2015
thank you sir,
as per Schedule -II generally useful life of Fixed Assets is not more than 15 years except Building whether it is acceptable go only 15 years back and in case of Building Original cost as on 1st April' 1999 taken as purchase 5 of its taken as Residual value?
as per Schedule -II generally useful life of Fixed Assets is not more than 15 years except Building whether it is acceptable go only 15 years back and in case of Building Original cost as on 1st April' 1999 taken as purchase 5 of its taken as Residual value?
22 June 2015
You propose to write off the book value of fixed assets except buildings. Right?
Anyway check the notes and disclosures in financial statements and also your significant accounting policies, where your practice shall not deviate with what you specify in the financial statements.
Anyway check the notes and disclosures in financial statements and also your significant accounting policies, where your practice shall not deviate with what you specify in the financial statements.
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
- Employee secondment
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Reward for festival
- Ito add credit side of bank
- GSTR9 Annual Return
- RCM and same line
- Closer of business and itc of capital goods
- ARCA LOGIN
- Import of Capital Machine
- Upload Level ValidationITR3Category of Defect B/D
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- MSME Payment Sec.43B (h)
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
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
