19 July 2012
Can anyone advise me how to account for depreciation. My old vehicle depreciated value on 31-3-11 was rs. 95,000. I sold it for rs. 1,30,000 on 28-5-11.Bought new car on 28-5-11 for rs. 5,35,000. How to account for difference in old car depreciated value and actual selling price. How to calculate new car depreciated value on 31-3-12.
19 July 2012
Opening WDV 95000 Add: New Vehicle Purchased 535000 Total =630000 Less: Old Vehicle Sold =130000 Balance =500000 Provide depreciation @ 15% on 500000. .