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Depreciation
for office equipment life as per old companies Act1956 20 years but new act 2013 5 years so we have purchased office equipment on 13/02/2005 so for the current FY15-16 how I will calculate Depreciation.
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HI,
As already the useful life is expired as per CA,2013, you cannot charge depreciation for FY 15-16.Whatever is the opening balance of the asset as on April 1st,2015, you have to charge it off as an expense from your opening retained earnings.
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