Assets less than rs. 5,000

Sorry Rahul hv not understood ur question clearly, the rate ur saying is dep rt as per co. act.

As the cost of each chair is less than Rs 5000, so 100% depreciation should be done.

The question is not clear... If u are talking about depreciation , as per schedule XIV since the actual cost of individual asset has not exceeded Rs 5000, the total amount is to be capitalised and depreciated @ 100% in the year of acquisistion.