depreciation on unused assets
This query is : Resolved
04 January 2011
Asset (computer) which is not used for the entire previous year but it was used in earlier p.y and charged depreciation also to the p&l a/c
please tell me if we have not used above asset for the entire p.y is that depreciation to be charged for the p.y as per companies act 1956
thanks
please tell me if we have not used above asset for the entire p.y is that depreciation to be charged for the p.y as per companies act 1956
thanks
04 January 2011
Regarding the levy of depreciation, note 4 to schedule XIV of the companies act,1956 may be referred to. Since computer is not used even for a single day, it can said that,as per the referred note,the asset is discarded meaning thereby levy of depreciation is not required since pro rata basis can't be applied to, being kept idle for the entire year.
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