Depreciation purpose
This query is : Resolved
Querist : Anonymous
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....
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
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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