Depreciation as per schedule ii

This query is : Resolved

kalyan cb (Querist)
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12 July 2015 as per schedule XIV we have already passed the entries for depreciation . but now as per schedule II we have recalculate the depreciation.then i have doubt here. if the depreciation was 90000 as per old act, and as per new act depreciation was 60000. then how should should we adjust the excess 30000 depreciation now??

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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12 July 2015 Just reverse the excess depreciation. Pass following entry:

Accumulated Depreciation A/C Dr Rs 30000
To Depreciation A/C Rs 30000

You are also required to make a disclosure in notes to accounts on impact on depreciation due to the Companies Act 2013.