How would you calculate depreciation amount if an individual engaged in car hiring business had purchased a car in the current year of Rs 1244485 and sold two cars of WDV Rs189253 and Rs188151. The sale price of the car was Rs 215000 and Rs450000 respectively. There was also one motor car in use having WDV of Rs 47075.
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Block of asset method for calculating depreciation
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Depreciation is to be calculated on
1244485 + 47075 - (450000 + 215000) = 626560. i.e. Block value on last day before depreciation.
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