Gross Block of assets
This query is : Resolved
10 August 2026
Where the balance sheet of a non-corporate entity has historically carried fixed assets only at written-down value and no separate record of original cost or accumulated depreciation exists, what value to be mentioned in schedule Properties, Plant and equipment and intengible assets which requires gross block of assets and depreciation ?
10 August 2026
Gross Block: If original cost cannot be reconstructed from historical tax audit reports or old invoices, disclose the existing WDV as the Gross Block.
Accumulated Depreciation: Report as Nil or adjust based on available tax block records.
Mandatory Action: Always add an explanatory note in the financial statements clarifying that assets were historically maintained solely on a WDV basis.
Accumulated Depreciation: Report as Nil or adjust based on available tax block records.
Mandatory Action: Always add an explanatory note in the financial statements clarifying that assets were historically maintained solely on a WDV basis.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Taxable or Tax exempt
- NRI starting business in India
- ITDS U/S.194T of Firm
- ADVANCE PAYMENT OF ADVOCATE
- CREDIT NOTES WITHOUT GST
- Non-Compliance documents have not been submitted by the contractors debited
- TDS ON EMAIL DOMAIN SERVICE BILL
- TDS Return Q1 FY 2026-27
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
