I want to know the treatment of calculating the depreciation as per schedule ii of companies act 2013 in case date of purchase of asset is not available. Whether we have to assume its date of purchase or use some other method. Please give your suggestions as early as possible.
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Depreciation as per schedule ii of companies act 13
Replies (2)
Before you arrive at an arbitrary method, check whether audit report was qualified by the statutory auditor for not mainting fixed assets register.
In my view date of purchase is relevant in case of an asset already in use . Now, Remaining useful life that need to be estimated which together with period for which its uses i.e. Total useful life shall not exceed the life given in Schedule 2
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