Depreciation of Machine

Raj (Assistant) (56 Points)

22 April 2011  

 

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,