Depreciation

ramesh (service) (49 Points)

26 August 2009  

A company is charging Depreciation  @ 13.91% on its assets  under plant & machinery .

Now, the company has noticed that useful life of that asset is not more than 3 years.

In these circumstances, whether the company can change rate of depreciation .

Whether company can write off the assets which are more than 3 years old.

Please suggest the correct procedure & accounting treatment with regard to above.