Schedule ii wdv confusion - what will prevail as or ca,13
This query is : Resolved
06 June 2015
The company is following WDV method as per CA,56 but not as per as per CA,13 it depreciation has to be based on useful lives which is SLM method. Now as per AS-6 when method of calculating depreciation changes it has to be re-computed from the beginning. But as per Companies Rules only WDV on 1.4.14 has to be depreciated over remaining useful lives . So what will prevail AS or CA,13 ??
06 June 2015
CA 2013 will prevail. Change here is due to change in Act and therefore depreciation to be calculated as per CA 2013.
06 June 2015
But the company has destroyed all the records for financial years before 2006-07 and does not maintain a FA Regsiter?
06 June 2015
If there was no fixed asset register then there is a problem because you don't know cost of acquisition and date of acquisition.
06 June 2015
I know but what could be a short term solution to that . Company was incorporated when i wasn't even born.
06 June 2015
Then only way out is to estimate the remaining useful life of asset and depreciate over the remaining useful life.
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