Depreciation as per schedule ii
This query is : Resolved
12 July 2015
as per schedule XIV we have already passed the entries for depreciation . but now as per schedule II we have recalculate the depreciation.then i have doubt here. if the depreciation was 90000 as per old act, and as per new act depreciation was 60000. then how should should we adjust the excess 30000 depreciation now??
12 July 2015
Just reverse the excess depreciation. Pass following entry:
Accumulated Depreciation A/C Dr Rs 30000
To Depreciation A/C Rs 30000
You are also required to make a disclosure in notes to accounts on impact on depreciation due to the Companies Act 2013.
Accumulated Depreciation A/C Dr Rs 30000
To Depreciation A/C Rs 30000
You are also required to make a disclosure in notes to accounts on impact on depreciation due to the Companies Act 2013.
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