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?
1 Replies
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.
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