Change in useful life of fixed asset (as per Companies Act 2013)
we need to capture the depreciation charge on the fixed assets ,whose useful has been already exhausted as per the New Useful Life Concept (as per Companies Act 2013) .
Can we capture the remaining book value to a different GL A/C for tracking the charge.
Eg: If a fixed asset of Rs 15000 ,which we were depreciating with a useful life of 15 years but as per the new useful lifeconcept it should be depreciated within 10 years only and now we are in the 12th year .We have to make the book value (Rs.4000) of the asset as zero (Rs. 0).
Can we capture this depreciation charge in a separate GL and what are the implications of doing so
Thanks in advance