01 July 2011
We purchased a furniture before 1992 & rate of depreciation was 3.34%(slm). In 1993-94 the depreciation rate as per companies act changed to 6.33%(slm). Now which rate I have to apply to the old assets? The same category of new assets we are applying 6.33%, and old asset we applied old rate ie.,3.34%. Whether it is correct ? Pls reply fast..
02 July 2011
The Depreciation rate of 6.33% should be applied for the furniture purchased before 1992. The depreciation rate should be uniform for the class of assets for the given financial year
CAclubindia
