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.
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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
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30 June 2015
Thanks sanjay Sir for such a Valuable answer........
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