Depreciation
This query is : Resolved
ankush kumar choudhary
(Querist)
03 August 2015
As per companies act the useful life of building (RCC Frame) is 60 years .. but if in the 2nd year any addition takes place in the same building .. shall we consider it separately as a new asset or it will clubbed with the first one and shall be depreciated for the rest 59 years.
And how to depreciate lift under companies act .. shall we treat it under P&M or Buildings ??
And how to depreciate lift under companies act .. shall we treat it under P&M or Buildings ??
CA R SEETHARAMAN
(Expert)
03 August 2015
If the addition has separate life then capitalize it and depreciate it separately.
Lift classify it under P&M.
Lift classify it under P&M.
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