Depreciation calculation under company act 2013.
This query is : Resolved
03 February 2015
I want to know how the assets to be depreciate under new Company Act 2013. I had closing balance of assets (already depreciated in earlier years & none of them is newly purchased) which amount I had to take as cost, the balance shown in Balance sheet or purchase price of assets.?
03 February 2015
Cost will always be purchase price of the Asset. But the remaining balance of the assest needs to be depreciated over the remaining useful life of the assest. Suppose remaining balance of assest is Rs 20000/- and remaining useful life is 4 years then Rs 5000/- to be depreciated every year for 4 years.
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