Depreciation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 April 2015 cost of an asset is 10k.useful life of an asset is over still it is in use.wdv as on 31-3-14 is 1100.so what should be done.wheather entire amt(i.e.1100)is transferred to g.r.?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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23 April 2015 Remaining balance after keeping the Scrap value should be charged to retained earnings. 5% of Rs 10000 is Rs 500 so balance Rs 600 should be charged to retained earnings. Cost of Assets and Accumulated depreciation till the fixed asset is sold or discarded.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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23 April 2015 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

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