SANJO POLY (Accountant) (32 Points)
05 October 2016
CA Aman kesharwani
(Practice)
(159 Points)
Replied 05 October 2016
Dear,
As per Co Act, 2013 Vehicle has a usefull life of 10 years,If Vehicle was purchased more than 10 years ago W/off WDV value leaving 5% of WDV as on 31.3.2014 as residual value otherwise WDV need to be w/off in balance life leaving 5% of WDV as on 31.03.2014 as residual value.
eg:
1) WDV 100
Purchase date 12.6.2000
W/off to P/L 95
Residual Value on FA 5
2) WDV 100
Purchase date 01.04.2010
Residual Value 5
Dep on 95 for balance life
CAclubindia
