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Depreciation purpose

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 June 2013 if f.y. 11-12 building purchase 10lakh and may 2012 subsidy 8 lakh received then depreciation charge will be....
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Ganeshbabu K

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Ganeshbabu K (Expert)
01 June 2013 Building = depreciable fixed asset

IN MAY 2012

Bank a/c dr 8lakhs
to building a/c 8 lakhs

So,
As per Accounting standard 12 " accounting for government grant"

in F.Y.12-13 depreciation is to be caluculated on decreased value of fixed asset(cost as on 31.03.2012 - subsidy received) over the remaining useful life
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