Depriciation under companies act
This query is : Resolved
09 September 2008
Private Comapny is not maintaining records of plant and machinery. Company is selling a machinery and dont know the original value of the machinery. So we can take depriciation proportionate. For example: Gross block of machinery as on 01.04.2007 is Rs.8241558/- and deletion during the year is Rs.539400/- and depriciation upto 01.04.2007 is Rs.7110896/- and Net Block as on 01.04.2007 is Rs.1130662/- How to take proportionate depriciation on this given value. Please reply soon
S.Srinivasaraghavan
(Expert)
08 October 2008
Were you not maintaining Fixed assets register showing the cost details? How were your auditors giving certificate as per CARO?
If you are getting audit qualifications for non availability of cost of individual assets, wherever the details are available first eliminate from the total, then in respect of the balance take technical experts' assistance in bifurcating the cost and WDV.
If you are getting audit qualifications for non availability of cost of individual assets, wherever the details are available first eliminate from the total, then in respect of the balance take technical experts' assistance in bifurcating the cost and WDV.
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