Depreciation on fixed asset

means you have not been charging any depreciation in the books since the very beginning...

As per AS 6 depreciation is to calculated from the date on which the asset is ready to use so that you have to calculate the depreciation from the begining.According to AS 5 the depreciation amt is debited to p/l a/c of this year .this amt shown as a extra distinct item in p/l account.

Dep. of current year to be debited under head "Depreciation" & Depreciation for past years to be charged in the current financial year by debiting that amount to " Prior Period Expenses".....Dep. must be calculated from the begining as it must be accounted for in the books to arrive at the correct figure of profits...but since your's is a manufacturing concern..there may be a case that the assets might not be in ready to use condition...if thats the case then they should be shown as WIP in the Assets & once installation/ready to  use certificate is obtainted from your respective department you can transfer the assets to respective heads from WIP & depreciation will then be calculated from the date mentioned in the certificate & not from the date it was recieved in the premises...& accordingly in those cases no depreciation working is required from retrospective effect...

Deprication for the current year should be charged to P& L A/c and for the earliers should be treated as prior period item and deprication on assets should be charged from the years the asset is ready to use in the factory and not when purchased . 

Agree with above...

Yes Exactly.

Because we are treating the Depreciation as exp. so Dr to P&L A/C for the current year.

but with this effect net profit will decrease.

as per prior period item of deprecition also it will effect on Net profit of  the organization of the current year.

Here we need to consider one point that how much profit of the company is going to be effect at a single glance, with providing the current year depreciation and prior period deprecitation as prior period exp.

is there any possibility to adjust (prior period)deprecition partially on future profits insted of providing at a time in current year p&l Accounts.

Because the profits of the company is going ot be decrease if we do like that......

??????/?????? 

Yes agree with nupur ji.

as such providing depreciation is mandatory and not an option..

so have to calculate depri from the date when asset was put to use

and show prior year depri as prior period item as its due to ommission and current years depri under "depreciation" head

should charge the current year dep to p&l and also the pas years dep to p&l as prior perid depreciation..

and should mention in the significant account policies the change in policy and the diff it makes on the financials of the previous years.