Fixed Assets And Depreciation Schedule

Depreciation Schedule is the part of Fixed Assets schedule which shows detailed information about Fixed Assets / Non Current Assets i.e., Name of Assets, Date of Purchase, Cost, Written Down Value, Useful Life. and Depreciation like Depreciation Methods, Depreciation Expense and Accumulated Depreciation deducted within the Useful Life of Fixed Assets. Depreciation Schedule shows the Depreciation Expense for various Fixed Assets / Non Current Assets over the Useful Life of Assets.

You Can Also Check Out This Useful Article, “How To Calculate Depreciation”

The Format of Fixed Assets And Depreciation Schedule

Note: The Original Cost For Furniture is Rs. 53000, For Equipment = Rs. 72000, For Machinery = Rs. 95400 and For Buildings = Rs. 710000. Residual Value For Furniture = Rs. 3000, For Equipment is Rs. 2000, For Machinery Rs. = 5400, and salvage value for Building = Rs. 10000.

The Rate of Deprciation is calculated as:

1 / Useful Life of Assets

Depreciation Cost Under Straight Line Method = Cost - Residual Value For Straight Line Method

Depreciable Cost Under Written Down Value Method is shown below:

Book Value / Written Down Value / Depreciable Cost = Cost - Accumulated Depreciation

Following is the Fixed Assets And Depreciation Schedule For ABC Entrepreneur, Accounting Period ends on 31st December.

Name of  Purchase's Date  Dep. Cost  Life  Dep. Method Dep. Exp Acc. Dep. W.D.V

Assets

Furniture     1^st July, 2016       50000     8   Straight Line      3645     13020        39980

Equipment  2^nd August, 2015  56700   10  Written Down     3260     19370        52630

Machinery   3^rd May, 2016       90000    5    Straight Line     10500    40500        54900

Building      1^st March, 2010    700000  20   Straight Line     20417    291667     418333

The depreciation on furnitue for 2016 to August 2018 is calculated as shown below:

31^st December, 2016

50000 X 12.5% X 6/12 = 3125

31^st December, 2017

50000 X 12.5% = 6250

From 1^st January, 2018 To 31^st July, 2018 (Current Month)

50000 X 12.5% X 7/12 = 3645

Accumulated Depreciation - Furniture = 3125 + 6250 + 3645 = 13020

For Office Equipment, Depreciation is computed as show below:

For Year 2015:

From 1^st August To 31^st December, 2015

72000 X 10% X 5/12 = 3000

For Year 2016:

69000 X 10% = 6900

For Year 2017:

62100 X 10% = 6210

For Year 2018:

From 1^st January To 31^st July, 2018 (Current Month)

55890 X 10% X 7/12 = 3260

Accumulated Depreciation - Equipment = 3000 + 6900 + 6210 + 3260 = 19370

Similarly, Depreciation For Plant & Machinery and Building is calculated and the depreciation expense, accumulated depreciation and Written Down Value (W.D.V) are shown in the Fixed Assets And Depreciation Schedule.

Depreciation on Plant & Machinery from 1^st May To 31^st December, 2016 is Rs 12000. From 1^st January To 31^st December, 2017 = 18000 ad from 1^st January To 31^st July 2018 is 10500. Accumulated Depreciation is 12000 + 18000 + 10500 = 40500

Depreciation Expense and Accumulated Depreciation in case of Building is computed as shown below:

From 1^st March To 31^st December 2010 is 26250. From 2011 To 2017 (7 Years) and depreciation expense per year is Rs. 35000, so total depreciation for 7 years is 245000. From 1^st January To 31^st December, 2018, the depreciation expense is Rs. 20417. Accumulated Depreciation on Building is 26250 + 245000 + 20417 = 291667.

So, by analyzing Fixed Assets And Depreciation Schedule, we get the complete information about the Fixed Assets / Non Current Assets And The Depreciation Method applied on these Assets by the Business.