Depriciation

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CA Final Student
73 Points Posted on 23 October 2007

Dear All,

Company is following WDV method but it is applying SLM rates. Now during audit ,I found out this. Now what should I do in current year.Should I give retrospective effect or I apply right rates in current year.But If  I apply right rates,Co. has to face loss.

Please help.

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On 23 October 2007 at 11:31 Report
Replies (7)
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TaXpert
15126 Points Posted on 23 October 2007
You have to calculate from the start. and to give a note in the notes on accounts.
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On 23 October 2007 at 12:28
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Chartered Accountant
4772 Points Posted on 23 October 2007
The contiuiing mistake has to be rectified .......recalculate from the beginih and pass rectification entry in the current year .......qualify the audit report
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On 23 October 2007 at 15:52
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student
145 Points Posted on 31 October 2007
need to book a rectification of entry in this year...... even company result s n losses ..... and qualify the report
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On 31 October 2007 at 11:36
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Accountant
32 Points Posted on 01 November 2007
Depreciation we are calculating two methods 1. Companies Act 2. IT Act. why are we (copany) are calculating two ways?
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On 01 November 2007 at 12:21
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CA
112 Points Posted on 17 November 2007
Is there a need to qualfiy the audit report, for just changing the method of depreciation . That too following the accounting standard and disclosing in the notes.
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On 17 November 2007 at 20:55
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Chartered Accountant
272 Points Posted on 22 November 2007
The difference shall be treated as Prior period Item. Shall be disclosed seperately in the profit and loss account.
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On 22 November 2007 at 17:29
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C.A final student
57 Points Posted on 25 November 2007
u have to follow W.D.V. rates with the retrospective effect.any profit or loss arising from such, will be adjusted in P/L a/c of current year.again i m repeating change can only made through retrospective effect.
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On 25 November 2007 at 17:07


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