A company purchase 20 years old ship in the FY 2014-15. The useful life of the ship as per the Schedule II is 25 years.
What is the useful life of the ship in the purchasing company 5 years or 25 years?
E.KALAIKOVAN (Sr. Accounts Manager ) (339 Points)
17 July 2014A company purchase 20 years old ship in the FY 2014-15. The useful life of the ship as per the Schedule II is 25 years.
What is the useful life of the ship in the purchasing company 5 years or 25 years?
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 18 July 2014
5 years.
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
