Depreciation as per companies act 2013
This query is : Resolved
14 July 2015
While computing depreciation as per amended companies act 2013 the residual value of an asset is Rs. 20,000 and the WDV of asset is Rs. 12,000 and the remaining life is 5 years how to treat this & how to show in financial statements
14 July 2015
Dear no need to provide depreciation.
Let the asset appear in the books value Rs.12000/- only.
As residual value can be maximum 5% of the original cost. Value less than 5% can also be taken.
Let the asset appear in the books value Rs.12000/- only.
As residual value can be maximum 5% of the original cost. Value less than 5% can also be taken.
14 July 2015
so retain Rs.12,000 as value of asset .what is to be done after 5 years ? whether is to be transferred to reserves or not
14 July 2015
Dear when the asset life is over u have to see whether the asset is still used or not .
if asset is no longer in use then adjust the sale value of asset with residual value.
and if asset is not capable of being sold the transfer the amount to general reserves.
if asset is no longer in use then adjust the sale value of asset with residual value.
and if asset is not capable of being sold the transfer the amount to general reserves.
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