Depreciation under schedule ii
This query is : Resolved
30 January 2015
If a partnership/proprietorship is converted into a private limited company and assets are taken over at wdv to firm/proprietor,then how to decide the following:
1)Useful life of the assets taken over?
2)Cost of such assets?
1)Useful life of the assets taken over?
2)Cost of such assets?
30 January 2015
1. it should be remaining balance years left as per co act 2013.
2.cost of asset is carrying amount on date of transfer.
2.cost of asset is carrying amount on date of transfer.
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