Depreciation on assets scrapped as on 31.03.2016
This query is : Resolved
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?
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
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.
17 August 2016
Please dont be FORM driven, be SUBSTANCE driven.
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17 August 2016
Thank you for assistance.
17 August 2016
You are most welcome.
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