Question

The useful life specified in Part C of Schedule II of the Companies Act, $2013$ is for ____________.

• A. whole of the asset
• B. part of the asset
• C. major part of the asset
• D. for minor part of the asset

Answer 1

Answer: (A)

whole of the asset

• Companies Act, 2013 specified useful life to compute depreciation under schedule II in part A, part B and part C for assets.
  
• As per notes of schedule II, Useful life specified in Part C of the Schedule is for whole of the asset. Where cost of a part of the asset is significant to total cost of the asset and useful life of that part is different from the useful life of the remaining asset, useful life of that significant part shall be determined separately.