Usefull life of second hand machinery

Co Act 2013 338 views 1 replies
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service
29 Points Joined July 2008

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
151 Points Joined February 2011
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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