A company registered in 2012 & acquired second hand machineries from its directors. Now my question is Original Cost to be considered for Depreciation as per New companies Act 2013 (For calculation of Difference amount due to change in rates/useful life) will be transfer amount @ 2012 or Original cost acquired by directors ?
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Depreciation as per new companies act 2013
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In my opinion, It should be the amount at which assets is tfd to company and recorded in company's books of account..
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