QUESTION 1
Block- plant and machinery
Depreciation rate 15%
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Rs. in lakhs |
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Particulars |
Case I |
Case II |
Case III |
Case IV |
Case V |
Case VI |
Case VII |
Case VIII |
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Opening WDV (consisting of plant A , B and C) |
20 |
20 |
20 |
20 |
20 |
20 |
20 |
20 |
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Plant destroyed by fire |
Plant A |
A,B, and C i.e. all |
Plant A |
A,B, and C i.e. all |
Plant A |
A,B, and C i.e. all |
Plant A |
A,B, and C i.e. all |
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Insurance claimreceived for Plant destroyed above |
6 |
26 |
26 |
6 |
20 |
20 |
Nil (no insurance) |
Nil (no insurance) |
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COMPUTE |
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CLOSING WDV |
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DEPRECIATION |
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STCG |
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STCL |
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QUESTION 2
How shall your answer differ in each case if the assets would have stolen rather then destroyed by fire and same amount is received by the company as insurance claim.
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NOTE - if possible please provide adequate reason / section no. / rules no. / case study etc. reference
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