Geetha Gupta (Accountant) (325 Points)
31 July 2015Hi all,
Ques. While transitioning to depreciation regime as per CA 2013, what if the remaining useful life of the asset after 1st Apr, 2014 is less than one year, say, if it is only 1 month or may be 8 months? Is the WDV as on 31st Mar, 2014 less residual value, to be written off on 31st Mar, 2015? Or should the WDV as on 31st Mar, 2014 less residual value be wriiten off against retained earnings on Apr 1, 2014 ?
Regards
Geetha
SHINY
(CA Final Student)
(699 Points)
Replied 05 August 2015
It ll be written off agnst retained earnings
Geetha Gupta
(Accountant)
(325 Points)
Replied 05 August 2015
Thanks Shiny.
Do you mind explaining your answer - the section numbers etc?
Regards,
Geetha
SHINY
(CA Final Student)
(699 Points)
Replied 05 August 2015
Geetha for details you can refer a recent article posted on 'Schedule II of Cos Act'13 i.e. Depriciation'
Geetha Gupta
(Accountant)
(325 Points)
Replied 04 September 2015
Thanks Shiny, once again
Regards,
Geetha
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