Usefull life of second hand machinery

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22 Points Posted on 09 September 2016

Dear Sir,

We have purchased second hand machinery after it had been utilised for 15 years by the previous owner. 

How much useful life should be show for the said asset in our books since it is second hand machinery as per companies act 2013?

Please advice

 

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On 09 September 2016 at 20:44 Report
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ok
128 Points Posted on 09 September 2016
you can estimate remaining useful life of the asset since companies act allows you to have different useful life than schedule 2 but you should have a proper justification for the same
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On 09 September 2016 at 22:35

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