Depriciation

pravin (Querist) 13 July 2010 This query is : Resolved
Calculation of Depriciation in Partnership Firm & Propritership , Plz send me the Detail procedure to calculate of Depriciation ?

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Guest (Expert) 13 July 2010
KINDLY NOTE THAT DEPRECIATION IS AN ACCOUNTING TERM.WHILE PREPARING PROFIT AND LOSS ACCOUNT AND BALANCE SHEET, ON THE ASSETS LIKE PLANT AND MACHINERY ETC.,A LIFE OF THAT ASSET IS ESTIMATED AND FOR REPURCHASING NEW ASSET AFTER THAT PERIOD ,EVERY YEAR A FINANCIAL PROVISION IS MADE FROM THE PROFIT AND LOSS ACCOUT AND IT IS SHOWN AS DEDUCTION FROM THE ASSET IN THE BALANCE SHEET.
KINDLY NOTE THAT THIS IS A FINANCIAL ACCOUNTING TERM AND EVERY PARTNERSHIP FIRM OR PROPRIETORSHIP HAS TO DECIDE THEIR OWN PROCEDURE IN CONSULTATION WITH THEIR ACCOUNTS DEPT AND THE C.A.PREPARING FINAL ACCOUNTS.

YOU MAY WRITE AND SEND DETAILS IN CASE ANY FURTHER HELP IS REQUIRED.
THANKS.

DEFENSE ADVOCATE.-firmaction@g (Expert) 14 July 2010
No deff procedure for dep for partnership or proprietorship.

Rates of dep are given in IT act and the same are applicable to all.

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