Schedule ii of companies act 2013

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vikash kumar (Querist)
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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.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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.

vikash kumar

vikash kumar (Querist)
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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?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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.

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