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.
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
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Opting our of sec 44AD
- Value of property in capital gain
- LC charges in relation to Asset purchased should be Capitalised ?
- Multiple trade mark
- Regarding appeal to GSTAT
- Regarding TDS Applicability For Director Remuneration
- Copyright software
- Transporter Declaration form
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Taxation on Swing Trading Income (No Other Income)
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
