Hello guys,
last year I Classified Printer under Plant & Machinery For Depreciation Now i Want to take it under Computer & software category.. Can I do so
Thanks In Advance
Menu
Depreciation
Replies (5)
Yes You can reclassify assets into its right category.
Last Year asset is classified into wrong category. Adjust last year depreciation.
Depreciation on Printer as per Computer xxxxxxxxx
Depreciation on Printer as per Plant & Machinery xxxxxxxxx
PRIOR PERIOD ITEM xxxxxxxxx
This year you can reclassify the asset and charge depreciation as per Computer.
samrendra sir
please explain with entries
thanks
Its depends if prior period item results in loss than
Prior period expense A/c Dr.
To Provision for Depreciation
If prior period item results in gainbthan
Provision for Depreciation A/c Dr.
To Prior period income
Dear Himanshu,
Its not change in rate of depreciation...., its change of assets classification
Recent Topic
- ITR form suggestion
- Post office KVP income.
- Free GST invoice tool I built for my practice R
- Clarification on Gratuity Exemption under Section
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
- Clarification required on Section 393 & Report
- Professional advance taxes
- Surrender pan process
- Tds on deceased's pan
Related Topics
CAclubindia
