Depreciation as per schedule ii

hllo mr. Ritzz

u have to check wheather in which year the useful life has expired as in that Assessment year the proportianate amount of the asset used in that year should be transferred to Reserve and surplus as a -ve figuare.

further, after that Assessment year , in all next  coming assessment year it should be valued at salvedged value @ 5%.

hope this will help u.

if u have further query , feel free to contact +918955737073

thnks

here i'm showing u an example

suppose cost is 100000 at fy2015-2016 wdv is the rs. 7000 and salvage value is 5% ie 5000 at end of this fy the remaining useful life 1075 days but if upto this year life is passed more than 1075 days but less than (1075+366)days say 1120 days then excess should be transfrred to reserve ie.7000-5000 = 2000(should be shown as -ve figure in reserve and surplus)

and rs 5000 should be shown asset value.

hope u understood clearly. 

Thank you so much Harshit for your kind help! I am more clear with the entire concept now 

Kind Regards

i have no details regarding date of purchase and addition details of the previous yeras , except addition for the current year purchases so how shuld i calculate current year depreciation

for the dep of current year of new addition pick this formula -

+(1-(salvage value/cost of new addition)^(1/(remaining useful life in days/366)))

suppose-

ur salvage value is 2000

cost is 100000

remaining useful life is 5 years

here write as , 

+(1-(2000/100000)^(1/5)) = .4507(say)

here u should proportionate charge bdep on the basis of no. of days used in current fy. say 125 days(say)

current dep = (cost*.4507)*125/366

hope u understood clearly

if further query can call +918955737073

what about depreciation on closing WDV

then put wdv value instead of cost.

simply.