Kindly Help me ...
Depreciation on Firniture & fixture is 10% if the assets is more than 180 days old then depreciation allowable 100% and Less then 180days 50% allowable only.
My Query is that .... if a firm bought assets (Furniture) in the month of July for Rs. 50000/- and again added in the month of November furniture fof Rs. 25000/-..
Do i have to go by the date of purchase while calculation like 50000 x 10% = 5000/- and 25000 x 10% /2 = 1250/- = Total 6250/-
or on total asses by last date of purchase i.e 75000 x 10%/2 = 3750/-
Kindly pls clarify...
CAclubindia
