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Hi Sapgurus,
We have legal requirement which is as follows :
1) Asset purchase 11/02/2011 for Rs. 10000/= and it can depreciated at fixed Rate on Straight Line Method till it reaches its net book value 30 % (3000)
For Eg.
Purchase on 11/02/2011 for Rs. 10000/=
It should depreciated fixed Rate @ 5% so 500/= per year and it should depreciated upt o 70 % of total value
so 7000/500 = 14 Years.
So Net Book Value = 10000 (Minus) 7000 : 3000/=
2) As soon as it reaches Net Book Value of Rs. 3000/= it will be depreciated at another rate.
For Eg.
In 15th year it reaches Net Book Value 3000, now from that period onwards it will be depreciated at 7% Written Down Value not 5% Straight line Method.
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Also what about any old asset which is procured in previous years ?
Awaiting for feedback
Thanks in advance
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