Depreciation on assets scrapped as on 31.03.2016
This query is : Resolved
Sayali Tukaram Gidye
(Querist)
16 August 2016
Company wants to discard its assets on 31.03.2016. Whether depreciation is allowed for whole year in this case or not?
Amol S Joglekar
(Expert)
16 August 2016
If the asset is discarded, where comes the question of depreciation?.... only the profit/loss on discarding the asset is to be accounted for
Sayali Tukaram Gidye
(Querist)
16 August 2016
Excel sheet which we use for Depreciation calculation as per New Companies Act , depreciation is calculated for whole year as depreciation is calculated on days basis under Companies Act. Hence this query was raised by client.
Amol S Joglekar
(Expert)
17 August 2016
Please dont be FORM driven, be SUBSTANCE driven.
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Sayali Tukaram Gidye
(Querist)
17 August 2016
Thank you for assistance.
Amol S Joglekar
(Expert)
17 August 2016
You are most welcome.
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