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..
Late CA Sampat Jain
(Expert)
02 September 2009
FIXED ASSET REGISTER IS ALSO FOR PHYSICAL VERIFICATION OF ASSETS....SO NATURALLY ALL EXISTING ASSETS MUST APPEAR IN IT
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