Depreciation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 August 2016 Dear Expert,

Please help me with depreciation part while preparing balance sheet. Till time our company has been providing depreciation as per old companies act. Now they want to switch to new companies act'13.
1. Is it ok to now switch to companies act 2013 for new rates, new useful life etc?
2. Can you please provide any excel which shows how to calculate depreciation as per co. act 2013
3. Can we take rates as per the schedule or do we actually need to check remaining useful asset life and then re calculate rates.

Please explain how companies in general prepare depreciation schedule.

Amol S Joglekar

Amol S Joglekar (Expert)
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22 August 2016 Go by Companies Act 2013.
You need to work out the depreciation as per the useful life of the asset.
You may take the help of valuation people to do the job of valuation and useful life.

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