Depreciation
This query is : Resolved
SHANIF M K
(Querist)
01 July 2011
We purchased a furniture before 1992 & rate of depreciation was 3.34%(slm).
In 1993-94 the depreciation rate as per companies act changed to 6.33%(slm).
Now which rate I have to apply to the old assets?
The same category of new assets we are applying 6.33%, and old asset we applied old rate ie.,3.34%.
Whether it is correct ?
Pls reply fast..
In 1993-94 the depreciation rate as per companies act changed to 6.33%(slm).
Now which rate I have to apply to the old assets?
The same category of new assets we are applying 6.33%, and old asset we applied old rate ie.,3.34%.
Whether it is correct ?
Pls reply fast..
T.K. JAGANATHAN
(Expert)
02 July 2011
The Depreciation rate of 6.33% should be applied for the furniture purchased before 1992. The depreciation rate should be uniform for the class of assets for the given financial year
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