Please answer my questions based on AS.
1) A special asset has been constructed for 150000.
This asset has no sale value as it is project specific.
Project was expected to be completed by the end of yr.3.
However, project was completed in yr2.
Depreciation in yr1 = 150000/3 yrs = 50000.
can the bal. of 1L be charged as depreciation in year '2'
in the books of the Contractor?
2)Can a different dep policy followed for each yr. for the same asset.
say
yr 1 SLM
yr2 WDV
yr3 SLM
3)If an asset was acquired in March 2012, then in the Financial Year 2011-12
can the depreciation be charged for 6 months? Which AS is to be followed?
CAclubindia
