hey gyz... help me out on this... suppose we buy a new machinery in the mid of the accounting year which have a cost of less than rs.5000 so we will charge 100% depriciation on it(in other words we will not capatalise it and will take it into p&l)... will this concept also apply on other fixed assets...?? i am preparing for c.a inter and have not read this concept uptil now... i've learned this concept during the audit today so i'm confused about it... help me out.. thanx...!!
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depriciation as per company act 1956
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/forum/depreciation-as-per-company-law-76826.asp
check the above forum it will clear u r concept
Some companies are following 100% depreciation procedure according to their Asset policy. But, taking to directly into P&L account is Wrong.
Company has to account as asset and 100% depreciation can charged in P&L. If follow this procedure, their asset accounting and fixed asset register is very clear and informative manner.
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