Depreciation under SLM
This query is : Resolved
KEERTHIKA.D
(Querist)
17 February 2009
Sir,
One of our Clients’ is using Straight Line Method of Depreciation as per Companies Law. This is the second year of their business. They have debited a portion of the asset with a certain sum of money and we are treating it as deletion. Now, how should we calculate depreciation for the deleted asset under SLM ?
One of our Clients’ is using Straight Line Method of Depreciation as per Companies Law. This is the second year of their business. They have debited a portion of the asset with a certain sum of money and we are treating it as deletion. Now, how should we calculate depreciation for the deleted asset under SLM ?
MAYUR JOSHI
(Expert)
17 February 2009
If assets is sold / descarded then only one can debit the assets account with accumulated depreciation and with sale price. Differece to be treated as profit / Loss.
However one has to calculated depreciation up to date of asset sold / descarded for the said financial year.
However one has to calculated depreciation up to date of asset sold / descarded for the said financial year.
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