our company purchased a used Forklift car. it is 6 year old.
since it has reached its depreciated value, do i need to
take it as a Fixed Asset? or just book it as an expense ?
- 1 Answers
- 3025 Views
- I also Faced
- E-Mail Answers
Answer / dr. vaibhav saxena
since the company purchased the forklift car for use in the
business (and not as scrap for resale), the company should
capitalise the purchase cost along with any initial repairs
incurred to increase the useful life of the forklift car.
the annual depreciation (SLM or WDV) under schedule XIV of
the companies act should accordingly be charged based on
the remaining useful life of the asset
| Is This Answer Correct ? | 6 Yes | 0 No |
wHAT IS DIFFERANCE BETWEEN RETAIL INVOICE & CASH MEMO?
Examples each for golden rules of accounting
31 Answers ABC, Accenture, BSNL, DELL, General Insurance Corporation, Genpact, IBM, Microsoft, Wipro,
WHAT IS THE DIFFERENCE BETWEEEN CASH FLOW STATEMENT AND FUNDS FLOW STATEMENT
under which head should be the p & l appropriation a/c should be opened in tally 9? and how to preapare and display it?
Why did you select accounting as your profession?
Explain accounting 101?
WHERE WE CAN USE VAT 5%,14.5%
0 Answers Airier, Automobile, Chartered Accountant, Puzzolana,
How to pass journal entry for payment of 20 % of outstanding income tax demand of AY 14- 15 of an company in the AY 18-19.
how to pass the journal entry for tds dedcted on commission receivable
what made you take up present subject/area of specialization and what would you define as your career objectives
What is indent?
What is the SAP Account?
Audit 
