Depreciation as per co. act, 2013
This query is : Resolved
18 July 2015
An assets is depreciated upto 98% as on dt. 01.04.14, then the residual value of the asset would be 2% or 5% by reversing the extra deprecation by 3%. Pls guide me its urgent & also give acconting entries to be passed in the books of accounts.
18 July 2015
No need of reversal. Keep 2% as the residual value and do not depreciate further.
18 July 2015
Retain the 2% as residual value and no need to pass any further entry.
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