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Sir,
Our company provides furnitures and fixtures at the residence of officers. Company re provide some items like battery, curtains, mattress after 3 years from the date of purchase treating asset's useful life as 3 years and has a provision to shift ownership from co to officer.
The rate of depreciation is 10% for furniture items so after 3 years there is balance. This balance should be "loss on sale of fixed assets" or co may provide remaining balance on 3rd year.
CAclubindia
