Depreciation

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Sanjeev Agarwal (Querist)
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25 August 2016 A Company has two assets in a block of 60% Computer and Laptop valuing Rs.20000 and 15000 respectively. Now the computer is sold for Rs. 18000 on 10th of October. How will depreciation calculated as per Companies Act ? How will profit/loss on sale of assets be calculated ?

Also how will depreciation and profit/loss be calculated as per Income Tax Act,1961.

Amol S Joglekar

Amol S Joglekar (Expert)
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25 August 2016 depreciation will be calculated on 20000 +15000 - 18000 = 17000, since the block of asset does exist after the sale of computer.
for companies act, the loss on sale of computer will be accounted for and the depreciation n laptop will be computed on WDV 15000

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