Depreciation as per schedule ii
This query is : Resolved
13 April 2015
As per Schedule II, the asset whose useful life has expired the amount in excess of 5% of the cost of the asset is to be adjusted from retained earnings now What will be the treatment of 5% Residual Value retained in case the useful life of the asset has expired?
13 April 2015
Since the value doesn't represent any value, you may write it off.
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