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can we depreciate land &building and whats the rate of
dereciation
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Answer / mohammed irfan khan
WE CAN DEPRECIATE BUILDING BUT LAND NEVER GET DEPRECIATION.
IF IN THE QUESTION IT IS GIVEN DEPRECATION FOR LAND AND
BUILDING YOU CAN DEPRECIATE ACCORDING TO THE RETE GIVEN IN
THAT. WE DEPRECIATE THIS BECAUSE THIS IS FIXED ASSETS AND
WE CANT DEPRECIATE FOR CURRENT ASSETS.
| Is This Answer Correct ? | 16 Yes | 2 No |
Answer / paresh gupta
land can never be depreciated.
As per accounting standard 6 "depreciation
accounting"issued by Institute for chartered accountant of
india.the following assets cannot be depreciated
1.natural resources
2.goodwill,and other intangible asset(covered under
accounting standard 26)
3.an asset which has infinite life.
4.any investments
query regarding depreciation of land can be solved as land
has an infinite life.
| Is This Answer Correct ? | 14 Yes | 1 No |
Answer / parveen
land can never be depreciated but if land and building are
shown together and if they are seprable then we can
depreciate the building at 10% and we can not depreciate the
land .
but if they are unseprable then we will depreciate the
combined amount at prescribed rate.
| Is This Answer Correct ? | 11 Yes | 1 No |
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