Depreciation computation as per schedule 2

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As on 1.4.2014 ,the asset's useful life has become nil but there is a carrying amount of rs.12933039  .So how should we disclose this amount in the financial statements? In line with new provisions for depreciation calculation,do we need to calculate the depreciation retrospectively from the purchase of asset?


                                     thankyou in advance

Replies (1)

If the useful life of assets is NIL than you should disclose the carrying amount under reserve and surplus. Also, the change in depreciation method is the propestive effect not from the restropective effect

 

Regards

Manish Jain

Email:manishjaincfa @ gmail.com

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