Please advise what is the treatment of Fixed asset in Balance Sheet (as per Companies Act, 1956) when WDV Of Any Fixed Asset has come below 5% of its original cost.
There is no need for any reference to any section. Providing for depreciation is mandatory as per law. Once the whole of the value of the asset is depreciated, it is often kept at Re 1 in order just in order to reflect its existence in the asset block.
27 October 2013
in balance sheet if asset is shown at Rs.10000 which is les than 5% of its cost,is it mandatory to write it off or can shown at rs 10000
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