Query on Companies Act Depreciation(SLM)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 August 2010
If a company is charging depreciation on a SLM method under the companies act and an asset is purchased on 23rd Feb,10 and the company provides depreciation for FULL 2months feb, march. Is there approach correct?? or should the depn be calculated based on no. days calculated from 23rd Feb,10-31st Mar,10??I mean if an asset is purchased in the middle of the month n depreciation is provided on SLM Basis, how shall the depn be calculated for the month of purchase?? Should it be the full SLM dep calculated for remaining months or should it be on a proportionate basis??
26 August 2010
As per companies act depreciation should be calculated based on the number of days not months.
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