Depreciation Excel Sheet As Per Companies Act In Virginia
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You'll need three columns: The first column registers the depreciation deduction (aka depreciation expense) you plan to take each year. The second column shows the depreciation that has accumulated at the end of each year. The third column logs the book value of the asset at the end of each year.
Step 1: Assemble the Column Headers in Row 1 of the Spreadsheet. Create a new Excel spreadsheet file and assemble the following information in Row 1 of the spreadsheet. Step 2: Enter the Depreciation Expense Formulas. Step 3: Enter the Accumulated Depreciation Formulas.
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Each period's depreciation amount is calculated using the formula: annual depreciation rate/ number of periods in the year. For example, in a 12 period year, if an asset's expected life is 60 months, the annual depreciation rate for the asset is: 12/60 = 20%, and the depreciation rate per period is 20% /12 = 0.0167%.
60% depreciation rate is applicable for the following types of plant and machinery. However, the same has been reduced to 40% with effect from 1.4. 2017. Computers and computer software.
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Depreciation under the Income Tax Act is a deduction allowed for the reduction in the real value of a tangible or intangible asset used by a taxpayer.
