Depreciation
This query is : Resolved
28 April 2015
Dear Sir/Mam,
Can we calculate useful life of an Asset under WDV method of depreciation? Can we compare useful life of an asset under WDV as per companies act 1956 with useful life as per Companies Act 2013?
Can we calculate useful life of an Asset under WDV method of depreciation? Can we compare useful life of an asset under WDV as per companies act 1956 with useful life as per Companies Act 2013?
28 April 2015
you can use or compare things for ur purpose... but in books u have to use dep as per comapnies act 13 na
Message likes :
1 times
28 April 2015
Useful life of the asset is given in Schedule II of Companies Act 2013. So you have to follow that. You can calculate WDV rate with given useful life of asset with following formula.
r = 1-(s/c)^(1/n)
Where,
r = rate of depreciation
s = scrap value
c = cost of assets
n = no. of year of life of assets
For example take Plant & Machinery:
r=1-(5/100)^(1/15)
=18.10%
r = 1-(s/c)^(1/n)
Where,
r = rate of depreciation
s = scrap value
c = cost of assets
n = no. of year of life of assets
For example take Plant & Machinery:
r=1-(5/100)^(1/15)
=18.10%
28 April 2015
Depreciation to be calculated as per Companies Act 2013 from FY 2014-15 onward.
Check out Application Guide on the provisions of Schedule II to the Companies Act 2013 by Corporate Laws & Corporate Governance Committee of ICAI from link given below:
http://220.227.161.86/37329clcgc27675.pdf
Also Check out files from links given below:
https://www.caclubindia.com/files0512/160320_66209_depreciation__summary.pdf
https://www.caclubindia.com/files0512/1415307_66291_depreciation.pdf
Check out rates from link given below:
https://www.caclubindia.com/files0512/496179_59179_depreciation_rate_chart_companies_act_2013.pdf
Check out Application Guide on the provisions of Schedule II to the Companies Act 2013 by Corporate Laws & Corporate Governance Committee of ICAI from link given below:
http://220.227.161.86/37329clcgc27675.pdf
Also Check out files from links given below:
https://www.caclubindia.com/files0512/160320_66209_depreciation__summary.pdf
https://www.caclubindia.com/files0512/1415307_66291_depreciation.pdf
Check out rates from link given below:
https://www.caclubindia.com/files0512/496179_59179_depreciation_rate_chart_companies_act_2013.pdf
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- SEC 54 OF IT ACT
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Form 26QB for TDS on property
- REGARDING GST ON COMMERICIAL PROPERTY
- DTCP approval
- Partnership Business Can start India (two partners one is Indian and OCI both are wife and Husband)
- Whether still royalty
- GST rate for millets.
- Payable outstanding for years disallowance
- GST Annual Returns filing due date
- What is paid meaning under form
- Consequences of short and excess provision of expenses
- Provision for income tax and adjustment entry
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
