Company purchased a second hand machinery for which remaining useful life is 2 years as per the Schedule 2 of companies Act,whereas the asset can use more than 2 year from date of purchase.
please let us know actually useful of assets we need to for computation of deprication
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Useful life of second hand machine purchased
Replies (1)
For a second-hand machine that can outlast its statutory Schedule II remaining life, you can use its actual longer useful life for depreciation. To do this legally, obtain a Chartered Engineer's technical report confirming the extension and disclose the justification in your financial statement's Notes to Accounts.
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