Depreciation on block of assets
This query is : Resolved
21 February 2011
There was a asset in a block of 10% with WDV Rs 400000, on 1'st April, 2010. Another asset was bought in November 2010( of same block)of Rs. 20000 and the first asset was sold at Rs. 50000. Now the value in block is more than that of the asset,so how the depreciation will be charged? Please help me.
22 February 2011
Dear Ambar : The Block concept is little different, unless all the assets in the blocks are sold the block will continue. You have to calculate depreciation as follows, (Rs400000-50000=350000 *10% =35000)+(20000*10%/2=1000) total depreciation =36000 & closing WDV will be 334000/- of the Block
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23 February 2011
Please chech calculations. The asset was added Rs. 20,000 and another sold for 50,000.
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24 February 2011
dear Ambar..
Op block == 400000/-
add : == 20000/-
less : 50000/-
Net block = 370000/-
Depreciation = (400000 - 50000)*10% = 35000/-
& 20000/- * 5% = 1000/-
Total Deprn : 35000 + 1000 = 36000
Net Block = 370000 - 36000 = 334000/-
Op block == 400000/-
add : == 20000/-
less : 50000/-
Net block = 370000/-
Depreciation = (400000 - 50000)*10% = 35000/-
& 20000/- * 5% = 1000/-
Total Deprn : 35000 + 1000 = 36000
Net Block = 370000 - 36000 = 334000/-
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24 February 2011
Dear sorry for clerical mistake, rectified the same.
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