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Depreciation under new companies act, transition provision
Dear Sir/Madam,
Kindly clarify the below doubts w.r.t. depn.under new companies act, 2013 - WDV method;
Case:
Date of acquisition of asset: 01.01.2012
Original Cost: Rs.100000 Carrying amount as on 01.04.14: Rs.71545
Scrap Value: Rs.5000
Method of Depn: WDV
Life of the asset as per New Act: 15 Years
Doubts:
1.As per new provisions of Companies Act,2013, remaining useful life of the asset (n) would be 12 years or 12.75 years?
2. In formula (1-((S/C)^(1/n))*100;
C = ?Original cost? or ?Carrying cost as on 01.04.14? for the above mentioned case.
Thanks in advance.
Replies (1)
Dear Sir/Madam,
Kindly clarify the below doubts w.r.t. depn.under new companies act, 2013 - WDV method;
Case:
Date of acquisition of asset: 01.01.2012
Original Cost: Rs.100000
Carrying amount as on 01.04.14: Rs.71545
Scrap Value: Rs.5000
Method of Depn: WDV
Life of the asset as per New Act: 15 Years
Doubts:
1.As per new provisions of Companies Act,2013, remaining useful life of the asset (n) would be 12 years or 12.75 years?
2. In formula (1-((S/C)^(1/n))*100; C = ?Original cost? or ?Carrying cost as on 01.04.14? for the above mentioned case.
Thanks in advance.
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