Depreciation

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sajid (Querist)
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06 October 2011 When fixed assets depreciated every year. And its value comes down zero.
How to show this fixed assets in the Balance Sheet of the next year.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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06 October 2011 Fixed asset need to be depreciated up to salvage value. so need to be shown salvage value may be 5% of cost, if depreciated fully can be shown as Re.1 value

sajid

sajid (Querist)
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06 October 2011 Next year , how it should be brought to account, and what is its value.
for example:
a machinery purchased for 10000 and it is depreciated up to 5% of it value , means 500/- , in next financial year how it be shown, when this machinery market value is 2500/- pls explain.

every year must show the same amount, without deducting the depreciation...

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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06 October 2011 Market value not material for accounting. that is use only when selling .you need to show only Rs.500 cost value

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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10 October 2011 Agree with the reply of the expert, you are reqd to carry forward and brought down only the WDV value as per books

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