03 December 2008
is Depreciation can be adjusted with share application money when in last few years no depreciation has been charged and company has no Retained earnings. (and also if company take the court approval to do so).Advice us.
03 December 2008
It is not possible to adjust the depreciation as such.
You can calculate the dep. for the previous years and treat that dep. as prior period expenses (Show separately in financial statement ) and disallowed while computing the taxable income
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