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Depreciation on used vehicles as per companies act 2013
How we take depreciation on used vehicle as per new companies act 2013 Please give a me a solution
Replies (1)
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
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