Dear Professional, I have A Doubt in Depreciation as per Sch II.If i purchased a computer on 01.07.2014 for Rs.10000.
Deprecation rate 1-(500/10000)1/3=0.63
Depreciation till life of asset
2014-15 10000*0.63*270/360=4725
2015-16 (10000-4725)*0.63=3323.25
2016-17 (10000-4725-3323.25)*0.63=1229.6
2017-18 (10000-4725-3323.25-1229.6)*0.63*90/360=113.74
Residual Value=10000-4725-3323.3-1229.6-113.74 =608.41
Residual Value has to come Rs.500 by applying above rate but it came to to 608. what is wroung in this calculation?
CAclubindia
