Depreciation as per companies act
This query is : Resolved
07 July 2015
Sir,As per companies act 2013 Schedule II we have to calculate depreciation on number of years basis.My doubt is one of my client have partnershipfirm but the assets of firm was transferred to Company in the year 2007.From that year onwards depreciation calculated as per Sch XIV of Companies act 1956 in the company.In regard this my doubt is how to calculate depreciation for Financial year 2014-15 on Transferred assets whether WDV of transferred assets will be taken as Purchase value or any other calculation? Please reply ..
07 July 2015
Take wdv of transferred asset as purchase value if that is purchase consideration.
07 July 2015
Thank you seetaraman sir sir i.e From the Year of transfer we have to calculate number of years upto till date (As per Companies act 2013 no of years usage calculation) is right?
07 July 2015
Yes you are right. Reduce the life for the asset used in firm.
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