Depreciation as per co. act 13
This query is : Resolved
30 June 2015
Dear Experts
As per new co. Act, dep will calculate on the basis of life of assets.
How can we compute dep for F.Y 14-15 when we have opening balances as per old Co. Act.
Thanks
As per new co. Act, dep will calculate on the basis of life of assets.
How can we compute dep for F.Y 14-15 when we have opening balances as per old Co. Act.
Thanks
30 June 2015
You need to check the remaining useful life of old asset and depreciate the asset over its remaining useful life.
If life of asset is already expired but the balance remains then you can charge the remaining balance after keeping the scrap value to retained earnings or you can keep the value as it is till the asset is discarded.
For new asset new depreciation rates as per CA 2013 based on useful life of asset can be applied.
If life of asset is already expired but the balance remains then you can charge the remaining balance after keeping the scrap value to retained earnings or you can keep the value as it is till the asset is discarded.
For new asset new depreciation rates as per CA 2013 based on useful life of asset can be applied.
Message likes :
1 times
30 June 2015
Also Check out Application Guide on the provisions of Schedule II to the Companies Act 2013 by Corporate Laws & Corporate Governance Committee of ICAI from link given below:
https://220.227.161.86/37329clcgc27675.pdf
Also Check out files from links given below:
https://www.caclubindia.com/files0512/160320_66209_depreciation__summary.pdf
https://www.caclubindia.com/files0512/1415307_66291_depreciation.pdf
Check out rates from link given below:
https://www.caclubindia.com/files0512/496179_59179_depreciation_rate_chart_companies_act_2013.pdf
https://220.227.161.86/37329clcgc27675.pdf
Also Check out files from links given below:
https://www.caclubindia.com/files0512/160320_66209_depreciation__summary.pdf
https://www.caclubindia.com/files0512/1415307_66291_depreciation.pdf
Check out rates from link given below:
https://www.caclubindia.com/files0512/496179_59179_depreciation_rate_chart_companies_act_2013.pdf
Message likes :
1 times
30 June 2015
Thanks sanjay Sir for such a Valuable answer........
Message likes :
1 times
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
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR selection for salaries and capital gain less than L
- ITR returnFY25-26
- ITR 2 Short Term gain & Long term gain
- Share accounting-->fifo - capital gain - period as per fifo?
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 1: Details for showing Exempt Income
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- 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
