our company purchased a used Forklift car. it is 6 year old.
since it has reached its depreciated value, do i need to
take it as a Fixed Asset? or just book it as an expense ?
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Answer / dr. vaibhav saxena
since the company purchased the forklift car for use in the
business (and not as scrap for resale), the company should
capitalise the purchase cost along with any initial repairs
incurred to increase the useful life of the forklift car.
the annual depreciation (SLM or WDV) under schedule XIV of
the companies act should accordingly be charged based on
the remaining useful life of the asset
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