hello sir, i want clarification about depreciation charing as per new company act. Can we taken residual value @ 5 where assets was 100 % depreciated in earlier years. The notes of acts says- 7. From the date this Schedule comes into effect, the carrying amount of the asset as on that date— (a) shall be depreciated over the remaining useful life of the asset as per this Schedule; (b) After retaining the residual value, shall be recognised in the opening balance of retained earnings where the remaining useful life of an asset is nil.

Auditors

Posted By: Vivek mittal 9 year(s) ago