Formats for condemnation

Depreciation has been provided on the Fixed Assets in conformity with the principles laid down in Accounting Standards -6 issued by the Institute of Chartered Accountants of India. Written Down Value Method of depreciation has been applied uniformily on all Fixed Assets irrespective of their value but having useable life of more than one year. The rate applied for Written Down Value Method for various groups of assets as approved by Board of Governers,KVS are as mentioned below.
Items	Rate%
Building	10
Furniture, Fixtures	10
Library Books	10
Office Equipments	15
Vehicles	15
Computer/Peripherals/Computer Software	20
Hostel Equipments	10
Games & Estates	10
Other Fixed Assets	10
The depreciation provided in respect of each item of depreciable assets to the extent of 95% of the original cost/book value of the depreciable assets(if value is above 2000 Rs.,other wise 100% for this year i.e. 2021-2) keeping residual value to an extent of 5% of the assets.Where during any financial year, any addition has been made to any assets, the depreciation on such assets is calculated for full financial year irrespective of the date of such addition.Where any asset has been discarded/demolished/destroyed i.e. written off during the year, the original cost of the assets and its accumlated depreciation is written off at the end of the financial year irrespective of the date on which such assets is discarded/demolished/destroyed or written off.The depreciation has been charged on the cost value of the assets. Assets received as gift will also be subject to depreciation after their depiction on face/depreciated value in the Balance Sheet.