21 August 2015
Hello, Can anyone tell me that depreciation is allowed on assets which were bought before PVT. LTD. company was registered? I plan to register it in same financial year in which asset was acquired.
The asset currently is in individual's name in personal capacity.
22 August 2015
How can you charge depreciation if the asset is not in the name of Company? It is not possible. If you want to change depreciation, the asset should be shown in the books of the Company.
The asset has to be in the name of Company. The company should first buy the asset in its own name.
CAclubindia
