I have two questions:
1) If Depreciation in an organization is done under straight line Method,what entry should be done in the case of write off?
2) In case of Straight Line Method of Depreciation do we depreciate assets used for less than 180 days for 50%?
1)P/L account dr.
to depreciation ac cr....
2)depends....bt mostly we provide it for th whole year becoz depreciation is also dur to eflux of time n change in technology....
| Originally posted by : Ashish Tibrewal | ||
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1)P/L account dr. to depreciation ac cr.... 2)depends....bt mostly we provide it for th whole year becoz depreciation is also dur to eflux of time n change in technology.... |
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Thanks Ashish & Kalpesh.
I have a little more doubt.
In case 2 if an asset has been purchased on 29th March and lets assume it has been put to use on the same day, should we provide depreciation for the whole year?
sushmita gd 1....bt see i used a term depends....so ths is th problm with SLM method....n i guess we hav if we can calculate th life of th asset in days thn we can provide depreciation for 2 days...
| Originally posted by : Ashish Tibrewal | ||
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sushmita gd 1....bt see i used a term depends....so ths is th problm with SLM method....n i guess we hav if we can calculate th life of th asset in days thn we can provide depreciation for 2 days... |
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did i said nythn wrong kalpesh?
CAclubindia
