Depreciation on vehicle.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 July 2012
Can anyone advise me how to account for depreciation.
My old vehicle depreciated value on 31-3-11 was rs. 95,000. I sold it for rs. 1,30,000 on 28-5-11.Bought new car on 28-5-11 for rs. 5,35,000. How to account for difference in old car depreciated value and actual selling price. How to calculate new car depreciated value on 31-3-12.
My old vehicle depreciated value on 31-3-11 was rs. 95,000. I sold it for rs. 1,30,000 on 28-5-11.Bought new car on 28-5-11 for rs. 5,35,000. How to account for difference in old car depreciated value and actual selling price. How to calculate new car depreciated value on 31-3-12.
CA PARAS BAFNA
(Expert)
19 July 2012
Opening WDV 95000
Add: New Vehicle Purchased 535000
Total =630000
Less: Old Vehicle Sold =130000
Balance =500000
Provide depreciation @ 15% on 500000.
.
Add: New Vehicle Purchased 535000
Total =630000
Less: Old Vehicle Sold =130000
Balance =500000
Provide depreciation @ 15% on 500000.
.
SANYAM ARORA
(Expert)
19 July 2012
Agreed with Paras Sir
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