Fixed assets below rs.5000/-
This query is : Resolved
19 May 2016
Dear Experts,
Please let me know treatment for assets purchased below Rs.5000/- , before sch II we were doing 100% depreciation assets below 5000/- but in Sch II this concept is deleted now I m confused what to do if single assets purchased below Rs. 5000/- and if assets purchased supposed 10 qty each cost less than Rs. 5000/- Please advice in both the cases. Thanks.
Please let me know treatment for assets purchased below Rs.5000/- , before sch II we were doing 100% depreciation assets below 5000/- but in Sch II this concept is deleted now I m confused what to do if single assets purchased below Rs. 5000/- and if assets purchased supposed 10 qty each cost less than Rs. 5000/- Please advice in both the cases. Thanks.
Amol S Joglekar
(Expert)
19 May 2016
it will be shown under Asset. (PPE) and depreciated over the period of its useful life
Rupesh Jain
(Expert)
19 May 2016
you have to take the assets under respective head and w/o as per their usefull life.
Amol S Joglekar
(Expert)
19 May 2016
as per the number of years useful life.
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