ICICI

Block of asset method for calculating depreciation


dattani & co (CA)     24 July 2019

dattani & co
CA 
 21 points

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How would you calculate depreciation amount if an individual engaged in car hiring business had purchased a car in the current year of Rs 1244485 and sold two cars of WDV Rs189253 and Rs188151. The sale price of the car was Rs 215000 and Rs450000 respectively. There was also one motor car in use having WDV of Rs 47075. 

avater

Chandrakant Bendre (student)     24 July 2019

Chandrakant Bendre
student 
 43 likes  293 points

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Depreciation is to be calculated on

1244485 + 47075 - (450000 + 215000) = 626560.  i.e. Block value on last day before depreciation.

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