Sch ii depreciation
This query is : Resolved
20 May 2015
Respected Sir/Maam,
I have Vehicle for which useful life mention as per Sch II is 6 Years. But the Same Vehicle was brought 8 Years ago .
My Question whether i should take useful life more then 6 years or Should Depreciate
whole of amount as on Mar 2015.
I have Vehicle for which useful life mention as per Sch II is 6 Years. But the Same Vehicle was brought 8 Years ago .
My Question whether i should take useful life more then 6 years or Should Depreciate
whole of amount as on Mar 2015.
20 May 2015
Balance amount remaining as on 01.04.2014 should be charged to Retained Earnings after retaining the scrap value since the useful life has already expired.
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