Depreciation Accounting

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CAO
318 Points Posted on 25 January 2008

Dear sir,


How to recognise the amount of deletion while calculate the depreciation as per IT Act and Co. Act.


Case:


Purchase value of Assets - Rs 20705


Date of Purchase - 14-05-2003


Resal value of asset -Rs 2000 on 31.12.07


Rate of Depn


a. IT Act- 15 %


b. Companies Act-13.91%


Q: What isthe amount , I have to shown in Depreciation schedule as Deleted during the year


 


 


 

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On 25 January 2008 at 11:56 Report
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CA Final Student
109 Points Posted on 25 January 2008
as per Com. Act we have to showin delete column WDV of that asset as on first day of the year. entry for the sale of asset to be passed as follows Ex.. bank /cash Dr Depreciation reserve Dr Depreciation for the year Dr Gross value of the asset Cr proft/loss on sale of asset Cr/dr
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On 25 January 2008 at 12:20
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CAO
318 Points Posted on 25 January 2008
Thank you Mr. Ragu, My Q is What isthe amount , I have to shown in Depreciation schedule as Deleted during the year as per both the Acts
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On 25 January 2008 at 12:41
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Chartered Accountant
36 Points Posted on 25 January 2008
The answer is: In companies Act deletion will be Cost of asset In IT deletion will be amt realised (provided there are other assets in block and amount realised is not greater than wdv of the block as on 31-3 i.e wdv as on 1-4 + Additions) Hope this helps.
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On 25 January 2008 at 19:17

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