Schedule 2 doubt
This query is : Resolved
28 June 2015
"Depreciation is the systematic allocation of the depreciable amount of an asset over its
useful life. The depreciable amount of an asset is the cost of an asset or other amount
substituted for cost, less its residual value. The useful life of an asset is the period over
which an asset is expected to be available for use by an entity, or the number of production
or similar units expected to be obtained from the asset by the entity."
on above defination is "systematic allocation of the depreciable amount of an asset over its useful life" means we can use slv and wdv method for depriciation.
and "cost of an asset or other amount substituted for cost" means if asset is revalued can we use that amount substitued for cost
useful life. The depreciable amount of an asset is the cost of an asset or other amount
substituted for cost, less its residual value. The useful life of an asset is the period over
which an asset is expected to be available for use by an entity, or the number of production
or similar units expected to be obtained from the asset by the entity."
on above defination is "systematic allocation of the depreciable amount of an asset over its useful life" means we can use slv and wdv method for depriciation.
and "cost of an asset or other amount substituted for cost" means if asset is revalued can we use that amount substitued for cost
29 June 2015
1. SLM or WDV is allowed.
2. Revalued amount can be substituted for cost.
2. Revalued amount can be substituted for cost.
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