Depreciation under companies act, 2013

As per Companies Act, 2013 depreciation is to be calculated based on the useful life of the assets. And the existing assets are to be depreciated on the carrying amount over the remaining useful life of the assets.

My situation: How to calculate depreciation on the assets of a Company, when those assets are acquired as a result of Business Acquisition of a Partnership Firm.

What should be the useful life & carrying amount?

Any help would be appreciated :)

Replies (1)
Excellent query 👌 Logically period of usage in firm shall be considered in while arriving at remaining useful life. Since useful life as per Sch II are maximum life remaining useful life shall be estimated accordingly.

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