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Q. > Please Help: Depreciation
If the WDV of an asset is zero as on 1/4/2014 but there is still usefull life left for that asset as per new Depreciation rules, What is the action to be taken??
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Rambabu Senkarasetti
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Comments
MANMENDER SINGH
25-Sep-2015 , 12:05:37 pmno action required, same carrying value shall be taken in books as on 31.03.2014
Vaibhav Shree Agarwal
25-Sep-2015 , 01:20:26 pmNo action is required. If such asset is not sold and held by the company, Asset should be recorded in Fixed Asset Register as Nil and no depreciation will be charged. Also no amount with be transferred to Retained Earnings.
Sagar Goyal
27-Sep-2015 , 02:45:05 pmNo action
Mustafa Ali
23-Nov-2015 , 05:32:36 pmAn asset that is fully depreciated and continues to be used in the business beyond its estimated life. There will be no depreciation expense recorded after the asset is fully depreciated.