Depreciation calculation as per companies act 2013
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 July 2015
We all are well known about the changing of depreciation rates from 1-4-2014 with effect of companies act 2013. We know according to this act we has different formulas to compute depreciation rate for Tangible assets and Intangible assets, according to that formula Intangible assets depreciation rate can be depended on the actual revenue generated and projected revenue generating, but in case the company has Intangible asset which is non-revenue generating asset then how to compute depreciation?
for example: A Company has accounting software to do their accounting computerise, this is not the revenue generating asset or event to the company but it is asset to the company in such case how depreciation shall compute or Cost of that or Carrying cost of that can be written off to P&L? please clarify me, it is very urgent audit is pending for it. and if possible give support to your answer.
for example: A Company has accounting software to do their accounting computerise, this is not the revenue generating asset or event to the company but it is asset to the company in such case how depreciation shall compute or Cost of that or Carrying cost of that can be written off to P&L? please clarify me, it is very urgent audit is pending for it. and if possible give support to your answer.
05 July 2015
Depreciate the software for 10 years. Refer Accounting standard 26.
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