Depreciation as per new companies act schedule ii

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2015 If a computer is purchased for Rs 20000 on 20.12.2014, then depreciation for this accounting year 2014-15 would be taken for the period of use.
As per schedule II useful life will be 3 years. so depreciation will be(cost -residual value)/3 years.
But what would be depreciation taken for 2014-15?
will it be (20000-0)/3=6667.
For 14-15- 6667*102/365=1863.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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08 April 2015 yes the calculation is correct as per sch ii to co act 2013

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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08 April 2015 Rate of Depreciation under Sch II of the Companies Act 2013:

Computer under SLM = (100-5)/3=31.67%

Depreciation =
(20000*31.67%)/365*102
=Rs 1770

In your calculation you have not taken any residual value. My calculation is based on Residual value of 5%.

For rates as per Schedule II of Companies Act 2013 see below link:

https://www.caclubindia.com/share_files/depreciation-rate-chart-59179.asp

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