Schedule ii of companies act 2013
This query is : Resolved
09 December 2014
Please explain the meaning of "Carrying Amount" as referred in Part C point no. 7 of the schedule ii of Companies Act 2013.On which amount depreciation should be calculated as per the new act.
09 December 2014
Gross cost minus depreciation is carrying amount. For straight line it has to be on gross cost wheres for WDV it is based on WDV.
10 December 2014
Thank you Seetharaman, but on what basis depreciation will be calculated, as per Companies Act 2013 or Companies Act 1956?
Should it be retrospectively as per the new act or the carrying amount as on 01/04/2014 as per the old act be taken?
Should it be retrospectively as per the new act or the carrying amount as on 01/04/2014 as per the old act be taken?
11 December 2014
Depreciation has to be calculated as per Companies Act 2013. Carrying amount as on 01/04/2014 is to be taken.
carrying cost is to be depreciated in remaining useful life of an asset as per Schedule II, and where remaining useful life is Nil, carrying cost (after retaining residual value) is to be recognized in opening balance of retained earnings.
carrying cost is to be depreciated in remaining useful life of an asset as per Schedule II, and where remaining useful life is Nil, carrying cost (after retaining residual value) is to be recognized in opening balance of retained earnings.
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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- TDS on Consultancy- Non DTAA
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- Management System (IMS)
- DIN reactivation
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- GST rate and HSN code for sale of racing horses
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Eway bill generation from place other than registeted
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- 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
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
