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Depreciation On Fixed Assets

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The file contains brief notes on Depreciation on Fixed Assets. This note very helpful to students to have understand on the Depreciation on Fixed assets.

Mahesh S / Chennai

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  1. Std App. Which will called as Mis.Stds AS-6 AS-3 AS-14 AS-23/27 (IPCC) (IPCC) (Consolidation) 1 2 3 5 Land Mining Assets (Forest Plantation) AS-6 Depn Accounting-Miscelleneous Stds. Depreciation Applicability Areas Factors Depends Historical Cost Estd.Life Scrap Value Int.Assets 4 G/w Livestock Change in the amount of Depn Reasons 1 Change in HC 1.4.2010 8 lakh 7.10.2014 llakh 1.4.2010 Depn per yr (1.4.2010 till 31.3.2014) WDV as on 1.4.2014 Grant obtained (7.10.2014) Depn for Sub.Years Due to Govt Grants,Price Escalation,FE fluctuations Suppose n=10 yrs (G.G) (81akh/10) 80000 320000 4.8 lakh 1 lakh 3.8 lakh 63333.33 (take it as it is obtained on starting of the year and ignore monl (Represents for whole year not for part of the year)
  2. AS-6 Depn Rev.Page no:-ll 2012-2013 Pur.Value (in Lakhs) Add:-Rev Upward Rev.Ass.Value 2013-2014 Bal.b/d 2014-2015 Balance b/d Pur.Date 01.04.2012 2012-2013 180.00 36.00 216.00 183.60 183.60 156.06 156.06 Depn Balance c/d Depn Balance c/d Less:-Dow Rev Depn Balance c/d Depn 32.40 183.60 216.00 27.54 156.06 183.60 7.80 22.00 126.26 156.06
  3. Methods Followed Stgt Line Method WDV Depn Depn Cost-SV Num. of Estd. Life 80000 *3 yrs 240000 560000 112000 (8-3) 32000 Depn % Depn % 2 Change in Accounting Ests. (As per AS 5) Due to:- :h calculation) Scrap value No of Est.Life 1.4.2010 1.4.2013 1.4.2010 8 lakh Re-std 8 lakh 10 years 8 years (1.4.2010-31.3.2013) Depn for Exp.three years Depn for Exp.three years WDV as on 1.4.2013 Dep for Unexp. Period as per Rev.Estd Life Change in Depn D/C*IOO I-nth root 3 Change in Changes in 1.4.2010 YR 1 (-)DI (-)D2 (-)D3 Cum.Depn Change in [ Entry to be 1) P/L a/c C To Asset
  4. 2) Depn a/ To Asset 28.20 Cur.Rev.Reserve (after adj.downward 5%) (Adj.against the Rev.Res O/S)
  5. Rates As per followed in Sch XIV SV/C Vc policy (AS 1) AS-5 WDV (20%) 800000 -160000 640000 -128000 512000 -102400 409600 (old way of Chrging Depn) 390400 Whether rates Whether rates 800000 -480000 320000 Sch Sch XIV 3yrs 480000 New way of Charging Depn) 480000 )epn passed 89600 89600 89600
  6. 160000 (Current year Depn as per WDV) 160000
  7. Prove that should be allowd based upon commercial & technical Consideration Both Allowable or not? Not allowed

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