Depriciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 December 2014
I had Purchase New Car and Dealer had issue bill me mention Car Value 3300000/- + Insurance -85000/- Total Bill Value 3385000/-. Now I Want to take a Depreciation. On which amount i take Depreciation 3300000/- or 3385000/-
Please advise me
Please advise me
19 December 2014
You can claim the depreciation on 33,85,000
19 December 2014
Charge depreciation on 33,00,000 and charge entire insurance 85,000 to revenue as insurance is for one year.
19 December 2014
when insurance is paid on purchase of car then it has to be included in value of motor car and accordingly charge depreciation on total amount and when subsequent year when renewal or new insurance policy is taken then it is taken to pnl
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