26 June 2014
sir, can depreciation can be calculated as per useful life, if we calculated as per useful life of the asset(computer) if any netblock of the asset remains even if the useful life asset is completed how we have shown in the books as per as6. for example asset value:10000 useful life:3 rate of percentage:16.21% net block after 3yrs: 5137 in this case net block of the asset is remained and useful life is completed how to recongnise the dep in the books please solve the query urgent.
26 June 2014
thank u sir but company is not charging excess depreciation it is shown in gross block of the asset with out charging dep. if excess dep is to be calculated we have to give retrospective effect
27 June 2014
sir, The useful life of a depreciable asset is shorter than its physical life what is the accounting treatment,how the entries should reflect in the books.
27 June 2014
sir, there is no loss on assets. the gross value asset (computer): 16000 date of purchase:01-04-2008 useful life:3yrs depreciation value for 3yrs:7781 net block of the asset:8219 here the asset is not fully depreciated it means even net block is reflecting in the books,but the useful life of the asset is completed, here the company is not selling or write off the asset,there are using the asset in company but they are not calculating the dep on the same, as there reply is useful life of asset is completed.whether this treatment is correct or we should calculate the dep. please solve this query very urgently.
CAclubindia
