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Answer Posted / h.r. sreepada bhagi
The purpose of any business is to earn money. To know how
much profit has been earned or how much loss has been
incurred during a a certain period (Say month pr year), and
the position of assets & liabilities at the end of that
period, Profit & Loss Account and Balance Sheets need to be
prepared. Prerequisite for preparation of these financial
statements is systematically & logically recorded business
transactions during the year.
In short to accounting is required to know the result of
business operation and status as on a particular date.
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M/s ABC Brothers, which was registered in the year 2000, has been following Straight Line Method (SLM) of depreciation. In the current year it changed its method from Straight Line to Written Down Value (WDV) Method, since such change would result in the additional depreciation of Rs. 200 lakhs as a result of which the firm would qualify to be declared as a sick industrial unit. The auditor raised objection to this change in the method of depreciation. The objection of the auditor is justified because (a) Change in the method of depreciation should be done only with the consent of the auditor (b) Depreciation method can be changed only from WDV to SLM and not vice versa (c) Change in the method of deprecation should be done only if it is required by some statute and change would result in appropriate presentation of financial 6 statement (d) Method of depreciation cannot be changed under any circumstances
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