DEP Sheet With Dummy FiguresCAREFULLY READ ALL THE INSTRUCTION
BEFORE USING THIS SHEETNote :1To add more assets in sheet : Insert
the rows under corresponding group and just copy the formula from
previous row (along with Name, DOP etc), change the name of Assets,
DOP, Cost, Dep. upto 31.03.2014, etc. Do not change the formula in
sheet2Assets of which life has been expired although depreciation
charged till 31.03.2014 was lesser than 95% of Original Cost,
difference has to be adjusted with Retained earning. Deferred tax
assets has also to be created for same amount.3Alternatively, you
can debit in Profit & Loss account (just like
depreciation).4Short depreciation due to expiry of useful life of
assets : Same could be adjusted with retained earning. In case
adjusted with retained earning, simultaneously provision for
deferred tax has also to be created. Deferred Tax Assets to be
created @ 30.90% or 32.445% or 33.99% (depending upon taxable
income/loss of the company by crediting Reserve & Surplus A/c
(in short Reserve & Surplus A/c should be debited by "Net"
amount of "Amount to be Adjusted and Deferred Tax provision"). In
below given case : R&S A/c Dr. 10386/-, Deferred Tax A/c Dr.
4645/- and Fixed Assets A/c Cr. 15031/-. Rate assumed 30.90%. This
has to be reviewed yearly and has to be again adjusted as and when
assets is sold or discarded or revalued.5It is highly suggested /
recommended that instead of adjusting with retained earning,
transfer the same in P/L A/c in the form of depreciation and
calculate the deferred tax as usual as earlier.6Assets against
which depreciation till 31.03.2014 has been claimed more them 95%
of Original Cost of Assets : Excess Depreciation (Already charged)
not to be adjusted anywhere (neither from Reserve & Surplus nor
from Current Year Depreciation).7Salvage Value of Assets covered
under Note No. 4 will be WDV as on 01.04.2014. Salvage Value not to
be maintained @5% of Original Cost for these assets. Law restrict
us to keep the salvage value 5% for higher side and not for lower
side.8Date of purchase, Original Cost, WDV, accumulated
depreciation are dummy figures, just to explain the working. Do not
cross verify the figures for actual depreciation till 31.03.2014
considering details as per sheet and do not send query for the
same.9Be very careful for depreciation in the last year (example :
if remaining life year is 2.46 years, in such a case 3rd (third)
year for depreciation of that assets, as same has to be calculated
as balancing figure of total depreciable amount under whole life
"less" depreciation claimed till the year immediately previous year
for which deprecation to be calculated.10Calculation sheet is also
very effective in those cases in which remaining life of assets is
less than 1 year.11Use 3rd Sheet for Assets purchased after
31.03.2014NAME OF THE COMPANY..DEPRECIATION CHART FOR F. Y.
2014-15FOR ASSETS EXISTING AS ON 31.03.2014Date of Purchase / Put
to useParticularOriginal Cost (Rs)Dep charged upto 31.03.2014WDV as
on 01.04.2014Life as per Co. Act, 2013Life Used till
31/03/2014Remaining LifeSalvaged valueDepreciable amount over whole
lifeExcess Dep. (Already charged)Rate of Dep.Dep for the Year
2014-15Adjusted with Retained EarningWDV as on 31st Mar 2015(A)
Land-Land$29,847,5890.0$29,847,5890000.00.00.00.00%0.00.0$29,847,589(B)
Buildings0.026-Sep-2011Building$41,823,746$4,865,265$36,958,48160.002.5157.49$2,091,187$39,732,5590.04.87%$1,801,0670.0$35,157,414(C)
Office Equipments26-Apr-2011Air
Conditioner$690,800$248,614$442,1865.002.932.07$34,540$656,2600.070.85%$313,2730.0$128,91329-May-2011Fire
Extinguisher$34,760$12,458$22,3025.002.842.16$1,738$33,0220.069.34%$15,4630.0$6,83915-Oct-2011Fire
Extinguisher$46,820$34,257$12,5635.002.462.54$2,341$44,4790.048.40%$6,0800.0$6,48318-Jul-2011Generator$3,218,760$349,872$2,868,88810.002.707.30$160,938$3,057,8220.032.62%$935,8530.0$1,933,0359-Aug-2011Lift/Escalators$2,284,120$434,858$1,849,26210.002.647.36$114,206$2,169,9140.031.51%$582,7640.0$1,266,49815-Mar-2009Panels$713,864$358,478$355,38610.005.054.95$35,693$678,1710.037.12%$131,9260.0$223,46027-Nov-2008Pump/Meters$216,126$74,258$141,86810.005.344.66$10,806$205,3200.042.47%$60,2480.0$81,6201-Apr-2011Transformers$557,404$212,487$344,91710.003.007.00$27,870$529,5340.030.19%$104,1310.0$240,78619-Jun-2006Mobile$29,374$12,874$16,5005.007.79(2.79)$1,469$27,9050.00.00%0.0$15,031$1,46920-Aug-2005Computer$2,028,420$2,002,710$25,7103.008.62(5.62)$101,421$1,926,999$75,7110.00%0.00.0$25,7107-Jul-2006Computer$635,000$622,480$12,5203.007.74(4.74)$31,750$603,250$19,2300.00%0.00.0$12,52012-Dec-2011Computer$100,000$68,379$31,6213.002.300.70$5,000$95,0000.092.86%$26,6210.0$5,00019-Mar-2014Computer$180,000$2,560$177,4403.000.032.97$9,000$171,0000.063.39%$112,4770.0$64,963(D)
Furniture and Fixtures25-Apr-2011Electricals Equipments &
Fittings$2,092,276$942,877$1,149,39910.002.937.07$104,614$1,987,6620.028.77%$330,6380.0$818,76117-Jun-2011Furniture
&
Fixtures$3,458,745$1,348,758$2,109,98710.002.797.21$172,937$3,285,8080.029.31%$618,4940.0$1,491,493(E)
Vehicles21-Jan-2010Motor
Cycle$72,734$51,868$20,86610.004.195.81$3,637$69,0970.025.98%$5,4200.0$15,44610-Aug-2011Car$1,413,428$766,180$647,2488.002.645.36$70,671$1,342,7570.033.85%$219,1060.0$428,142Total
Assets$89,443,966$12,409,233$77,034,733$2,979,818$56,616,559$94,941$5,263,561$15,031$71,756,14231-Mar-2014
Reday to use Sheet for DepCAREFULLY READ ALL THE INSTRUCTION
BEFORE USING THIS SHEETNote :1To add more assets in sheet : Insert
the rows under corresponding group and just copy the formula from
previous row (along with Name, DOP etc), change the name of Assets,
DOP, Cost, Dep. upto 31.03.2014, etc. Do not change the formula in
sheet2Assets of which life has been expired although depreciation
charged till 31.03.2014 was lesser than 95% of Original Cost,
difference has to be adjusted with Retained earning. Deferred tax
assets has also to be created for same amount.3Alternatively, you
can debit in Profit & Loss account (just like
depreciation).4Short depreciation due to expiry of useful life of
assets : Same could be adjusted with retained earning. In case
adjusted with retained earning, simultaneously provision for
deferred tax has also to be created. Deferred Tax Assets to be
created @ 30.90% or 32.445% or 33.99% (depending upon taxable
income/loss of the company by crediting Reserve & Surplus A/c
(in short Reserve & Surplus A/c should be debited by "Net"
amount of "Amount to be Adjusted and Deferred Tax provision"). In
below given case : R&S A/c Dr. 10386/-, Deferred Tax A/c Dr.
4645/- and Fixed Assets A/c Cr. 15031/-. Rate assumed 30.90%. This
has to be reviewed yearly and has to be again adjusted as and when
assets is sold or discarded or revalued.5It is highly suggested /
recommended that instead of adjusting with retained earning,
transfer the same in P/L A/c in the form of depreciation and
calculate the deferred tax as usual as earlier.6Assets against
which depreciation till 31.03.2014 has been claimed more them 95%
of Original Cost of Assets : Excess Depreciation (Already charged)
not to be adjusted anywhere (neither from Reserve & Surplus nor
from Current Year Depreciation).7Salvage Value of Assets covered
under Note No. 4 will be WDV as on 01.04.2014. Salvage Value not to
be maintained @5% of Original Cost for these assets. Law restrict
us to keep the salvage value 5% for higher side and not for lower
side.8Date of purchase, Original Cost, WDV, accumulated
depreciation are dummy figures, just to explain the working. Do not
cross verify the figures for actual depreciation till 31.03.2014
considering details as per sheet and do not send query for the
same.9Be very careful for depreciation in the last year (example :
if remaining life year is 2.46 years, in such a case 3rd (third)
year for depreciation of that assets, as same has to be calculated
as balancing figure of total depreciable amount under whole life
"less" depreciation claimed till the year immediately previous year
for which deprecation to be calculated.10Calculation sheet is also
very effective in those cases in which remaining life of assets is
less than 1 year.11Use 3rd Sheet for Assets purchased after
31.03.2014NAME OF THE COMPANY..DEPRECIATION CHART FOR F. Y.
2014-15FOR ASSETS EXISTING AS ON 31.03.2014Date of Purchase / Put
to useParticularOriginal Cost (Rs)Dep charged upto 31.03.2014WDV as
on 01.04.2014Life as per Co. Act, 2013Life Used till
31/03/2014Remaining LifeSalvaged valueDepreciable amount over whole
lifeExcess Dep. (Already charged)Rate of Dep.Dep for the Year
2014-15Adjusted with Retained EarningWDV as on 31st Mar 2015(A)
LandLand0.00.00000.00.00.000.00.00.0(B)
Buildings0.0Building0.060.00114.33(54.33)0.00.00.00.00%0.00.00.0(C)
Office EquipmentsAir
Conditioner0.05.00114.33(109.33)0.00.00.00.00%0.00.00.0Fire
Extinguisher0.05.00114.33(109.33)0.00.00.00.00%0.00.00.0Fire
Extinguisher0.05.00114.33(109.33)0.00.00.00.00%0.00.00.018-Jul-2011Generator$3,218,760$349,872$2,868,88810.002.707.30$160,938$3,057,8220.032.62%$935,8530.0$1,933,035Lift/Escalators0.010.00114.33(104.33)0.00.00.00.00%0.00.00.0Panels0.010.00114.33(104.33)0.00.00.00.00%0.00.00.0Pump/Meters0.010.00114.33(104.33)0.00.00.00.00%0.00.00.0Transformers0.010.00114.33(104.33)0.00.00.00.00%0.00.00.0Mobile0.05.00114.33(109.33)0.00.00.00.00%0.00.00.0Computer0.03.00114.33(111.33)0.00.00.00.00%0.00.00.0Computer0.03.00114.33(111.33)0.00.00.00.00%0.00.00.0Computer0.03.00114.33(111.33)0.00.00.00.00%0.00.00.0(D)
Furniture and FixturesElectricals Equipments &
Fittings0.010.00114.33(104.33)0.00.00.00.00%0.00.00.0Furniture
& Fixtures0.010.00114.33(104.33)0.00.00.00.00%0.00.00.0(E)
VehiclesMotor
Cycle0.010.00114.33(104.33)0.00.00.00.00%0.00.00.0Car0.08.00114.33(106.33)0.00.00.00.00%0.00.00.0Total
Assets$3,218,760$349,872$2,868,888$160,938$3,057,8220.0$935,8530.0$1,933,03531-Mar-20140.00%
Assets Pur. after 31.03.2014NAME OF THE COMPANY..DEPRECIATION
CHART FOR F. Y. 2014-15FOR ASSETS PURCHASED AFTER 31.03.2014Date of
Purchase / Put to useParticularOriginal Cost (Rs)Life as per Co.
Act, 2013Salvaged valueDepreciable amount over whole lifeRate of
Dep.Used during the yearDep for the Year 2014-15WDV as on 31st Mar
2015(A) Land-Land$50000.00.00.00%00.0$500(B)
BuildingsBuilding0.060.000.00.00.00%420940.00.0(C) Office
Equipments25-Apr-2014Air
Conditioner$720,0005.00$36,000$684,00045.07%340$302,291$417,70916-Oct-2014Fire
Extinguisher$400,0005.00$20,000$380,00045.07%166$81,994$318,006Fire
Extinguisher0.05.000.00.00.00%420940.00.0Generator0.010.000.00.00.00%420940.00.0Lift/Escalators0.010.000.00.00.00%420940.00.0Panels0.010.000.00.00.00%420940.00.0Pump/Meters0.010.000.00.00.00%420940.00.0Transformers0.010.000.00.00.00%420940.00.0Mobile0.05.000.00.00.00%420940.00.0Computer0.03.000.00.00.00%420940.00.0Computer0.03.000.00.00.00%420940.00.0Computer0.03.000.00.00.00%420940.00.0(D)
Furniture and FixturesElectricals Equipments &
Fittings0.010.000.00.00.00%420940.00.0Furniture &
Fixtures0.010.000.00.00.00%420940.00.0(E) VehiclesMotor
Cycle0.010.000.00.00.00%420940.00.0Car0.08.000.00.00.00%420940.00.0Total
Assets$1,120,500$56,000$1,064,0000.00.031-Mar-2015
