Fixed Assets Issues

[venkat]

Hi,


I am having few doubts on Fixed Assets Module.

1. For Each asset client want to keep Rs.1 after end of the life

Example: If the Asset cost is 10,000 and the life of the asset is 10 Years as per the straight line method after 10 Years the asset cost will be nil. But client will keep Rs.1 and they won?t sell that asset and won?t depreciate those assets. How can we map these kind of assets.

2. Client wants to Calculate the Additional Deprecation on Plant and Machinery for first Year in the tax books only not in the corporate books.

Example : The Assessment Year is Jan to Dec and the asset cost is 10,000
The life of the asset is 10 Years
Asset Normal deprecation is 20% as per straight line method.
The Additional Depreciation rate is 15% P.A. If it is after 6 Months 7.5% for first
year only
If Asset bought on Feb the depreciation rate is one year rate that is 15%
If the Asset bought on Aug month the Deprecation rate is 6 Months rate that is 7.5%
Can you please tell me how can be calculate the first year additional deprecation for first year only.

Please have a look and give me your comments as early as possible

I am waiting for your reply,

Regards,

VENKAT

[anu_uma]

For your Query
1. For Each asset client want to keep Rs.1 after end of the life

Example: If the Asset cost is 10,000 and the life of the asset is 10 Years as per the straight line method after 10 Years the asset cost will be nil. But client will keep Rs.1 and they won?t sell that asset and won?t depreciate those assets. How can we map these kind of assets.

<b><font color="blue">Enter Salvage Value as Rs.1</font id="blue"></b>

and u can have that asset with value Rs. 1 at the end of ten years.

For Ur Second Query -

<b><font color="blue">U can do it with Unplanned Depreciation - Can Amortize for the period in which ur client wants to run the additional depreciation

I have not worked on this This is just a suggestion and you have to check and post the answer. Do it in test instance.

</font id="blue"></b>

[venkat]

Thank you Uma

For sharing your views.

I will be back with better solution for second issue.

Regards,

VENKAT