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Depreciation as per schedule 2

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1359 Points Posted on 19 January 2023
does it is mandatory to calculate depreciation as per company act 2013 or company can calculate in their own method?
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On 19 January 2023 at 15:01 Report
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Profession Business
28207 Points Posted on 19 January 2023
There are many softwares. Input of necessary data can automatically prepare fa schedule.
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On 19 January 2023 at 15:46
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Finance
4584 Points Posted on 19 January 2023

Im working on tally right now, but have to pass F7 journal still. 

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On 19 January 2023 at 16:38
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Profession Business
28207 Points Posted on 19 January 2023
In tally also detailed fa schedule can be keyed in.
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On 19 January 2023 at 20:19
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1359 Points Posted on 19 January 2023
My question is whether it is mandatory to follow the rate given in the schedule 2 ?
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On 19 January 2023 at 22:34
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Finance
4584 Points Posted on 20 January 2023

Yes  it is manfatory

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On 20 January 2023 at 01:33
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PROPRIETOR
28 Points Posted on 20 January 2023

It is mandatory, however if the useful life of asset is different from the one mentioned in Schedule II, that need to be justified and documented with a technical reason.

 

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On 20 January 2023 at 12:54


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