Presentation of depreciation writtern back
This query is : Resolved
19 March 2009
during the year our company chandged the method of depreciation from WDV to SLM. Due to this, there was a depreciation writtern back (which is more than the current year depreciation). on account of this the income (i,e writtern back) is substantial. How we should present the same in the face of the profit and loss account.
Note
The reversal is almost double the current year depreciation.
Regards
P.Mohanraj
Note
The reversal is almost double the current year depreciation.
Regards
P.Mohanraj
CA Tilak Raj Sharma
(Expert)
19 March 2009
It should be credited to P&L account and account head is "Depreciation reversal - Change in method of dep.".
CA Nitin Wadhwani
(Expert)
19 March 2009
As an Exceptional item;
The same also needs to be disclosed in notes to accounts as a change in accounting policy with quantification of same.
The same also needs to be disclosed in notes to accounts as a change in accounting policy with quantification of same.
19 March 2009
i support both of them
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