we have a machine of value Rs.12 crores and in the fixed assets master,first use column it is sep 2002 and in the last use column it is sep 2015(no. of years of use=13).But as per the amended co.s act 2013,the depreciation has been changed to 3.57% in the fixed percent column in 2013.(5% is residual value SLM method)The remaining book value in mar 2014 was Rs.1.5 crores.(the yearly dep amount is Rs.44 lacs)While running the dep session recently ,we were stunned to see the dep fully accounted for in the month of sep 2015(because the date of last use is set as sep 2015 whereas there is still dep left due to the recalculated value of 3.57%).The result has been posted to GL and also batches finalised.
Please tell me how to change the depreciation value in the system so that dep is calculated for the remaining 3 years(1.5 crores/44 lacs).Please tell me how to reverse the entries and recalculate.Annual accounts of 2015 is still open.
Edit/Delete Message

[QUOTE=ubhat12;197881]we have a machine of value Rs.12 crores and in the fixed assets master,first use column it is sep 2002 and in the last use column it is sep 2015(no. of years of use=13).But as per the amended co.s act 2013,the depreciation has been changed to 3.57% in the fixed percent column in 2013.(5% is residual value SLM method)accordingly the date of last use should have been sep 2017 but by oversight not implemented.The remaining book value in mar 2014 was Rs.1.5 crores.(the yearly dep amount is Rs.44 lacs)While running the dep session recently ,we were stunned to see the entire book value-residual value fully accounted for in the month of sep 2015(because the date of last use is set as sep 2015 whereas there is still dep left due to the recalculated value of 3.57%).The result has been posted to GL and also batches finalised.
Please tell me how to change the depreciation value in the system so that dep can calculated for the remaining 2 years.Please tell me how to reverse the entries and recalculate.Annual accounts of 2015 is still open.
Please help at the earliest since accounts auditing is going on

problem solved by a colleague even though nobody gave a idea.i approached that fellow maavle and he demanded commercial terms to solve.what a guy.really we need such people, for people to learn a lesson