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Asset recognisation

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 August 2012 Iam currently doing an audit , where they have trucks of which WDV has become nil , but still in use. IS it necessary to reflect 5% of residual value in balance sheet and carry forward even if it has become nil
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CA Guru M

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CA Guru M (Expert)
04 August 2012 Assest should be shown in FS as long as company using the same.

It should shown @ nominal value say Rs.10 or Rs.100/- in financial statements.

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