Depreciation of Machine

A/c entries 526 views 2 replies

 

Dear Experts,

We have a machine and its life time was 5 years, depreciated fully last year and the machine account closed. The machine is in good condition and like this it will go another 2-3 years...We are still using this machine regularly and benefiting from it… sometimes we pay maintenance expenses also for this machine…In this case do we need to make any type of adjustments / entries?

 

Thanks & Regards,

Replies (2)

you donot need to make any entry about this, such asset wuold be shown in fixed assets register at nil value,

if ur incurring any major expenses to run that machine like repairs or renovation

then u can capitalize such expenses


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