Retrospective effect of Depreciation
This query is : Resolved
05 November 2009
If at the end of the current year the method of depreciation is changed and the change has a retrospective effect, will this retrospective effect apply to the sales and purchases made during the year and/or during the earlier years?
For example: An asset purchased in 2005. Additions made in 2006, 2007, and current year. During the year, part of the asset is sold. As on the last day of the year, the depreciation changes from SLM to WDV. Would you recalculate the depreciation of the asset sold till the date of it's sale and adjust it?
For example: An asset purchased in 2005. Additions made in 2006, 2007, and current year. During the year, part of the asset is sold. As on the last day of the year, the depreciation changes from SLM to WDV. Would you recalculate the depreciation of the asset sold till the date of it's sale and adjust it?
07 November 2009
yes
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
