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Fixed Assets depn

Statutory Audit 1041 views 3 replies

In Fixed assets as per  Schedule VI, can i club 2 similar kinds of assets having 2 different rates of depreciation under the same head.

For eg.

If I have office equipment depn at 15%, and mobile with 50% depn, can I club both of them under Office Equipment for the final disclosure?

Replies (3)

Yes, U can booked the same assets under the head "Office Equipment".

regards,

ratan

Yoy can book under the same head, but it ill be conveniet to create seperate head, so that you can segerate easily at the time of  finalization of your books of accounts.

Yes you can keep it under one head but it is recommended that it should be disclosed separately under that head as sub heads of both the Fixed Assets.


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