Depreciation sch ii companies act 2013
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 June 2015
Seek ane advise on the following matter:
a. If wdv of an asset as on 1/4/14 is lower than residual value and useful life has expired as defined in sch II, whether to recognise the balance wdv as residual value or write off the asset fully.
b. In the above case, if the useful life is expiring in 14-15, what should be the treatment.
a. If wdv of an asset as on 1/4/14 is lower than residual value and useful life has expired as defined in sch II, whether to recognise the balance wdv as residual value or write off the asset fully.
b. In the above case, if the useful life is expiring in 14-15, what should be the treatment.
06 June 2015
a) The carrying amount may be treated as residual value, since < 5% of the original cost is permitted to retain. Need not provide depreciation or need not transfer to reserves and surplus.
b) The carrying amount shall be provided as depreciation in 14-15.
b) The carrying amount shall be provided as depreciation in 14-15.
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