Depreciation
This query is : Resolved
01 September 2009
Hi all,
Suppose there is an asset X which is depreciated in 3 years(total amount depreciated)..but the same asset was being used in the business...so with what value we have to show in the books of accounts.. and is it necessary to show the same in the Fixed asset rigister
Suppose there is an asset X which is depreciated in 3 years(total amount depreciated)..but the same asset was being used in the business...so with what value we have to show in the books of accounts.. and is it necessary to show the same in the Fixed asset rigister
01 September 2009
In fixed asset schedule, assets are presented in block-wise:
The fixed asset will be shown in schedule as under:
1) In Gross Block show the Original Cost of the asset.
2) In Depreciation column show the full depreciation.
3) And in Net Block column show the balance amount. If the whole block is depreciated fully, then NIL should be shown in Net Block.
As regards disclosure of the fully depreciated asset in Fixed Asset Register (FAR):
Yes, you have to show the fully depreciated asset also in FAR..
The fixed asset will be shown in schedule as under:
1) In Gross Block show the Original Cost of the asset.
2) In Depreciation column show the full depreciation.
3) And in Net Block column show the balance amount. If the whole block is depreciated fully, then NIL should be shown in Net Block.
As regards disclosure of the fully depreciated asset in Fixed Asset Register (FAR):
Yes, you have to show the fully depreciated asset also in FAR..
02 September 2009
FIXED ASSET REGISTER IS ALSO FOR PHYSICAL VERIFICATION OF ASSETS....SO NATURALLY ALL EXISTING ASSETS MUST APPEAR IN IT
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
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- Sales return eway bill
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Taxation on LTCG for property sold after 24JUL2024
- GST ON DAMAGED GOODS
- GST Registration Horse racing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
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
