hello friends,
1. In contract costing if contract is started on 1/04/2011 and ends 0n 31/12.2011 (9 months),machinery having book value as 1/1/2011, then depriciation on machinery should be charged for how many months in both (contract a/c and balance sheet)?
2. If value of RS.1500000 machinery is used out of rs. 2500000 machinery throughout the year, then whether depriciation should be charged on total 2500000 or 1500000?
thanks in advance.
CAclubindia
