Scraped machinery
Atharv Sankliya (1354 Points)
25 October 2022
If a machinery is scraped just one day after purchasing it then is depreciation for 1 days charged or not ?
4 Replies
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 25 October 2022
No depreciation is charged during held for sale period
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 25 October 2022
What isbscrapped means is it spoiled or obsolete
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 25 October 2022
Then you have to follow the impairment testing and weite of the loss. Carrying amount less accumulated depreciation less impairment charges. In AS impairment test is optional but in indas impairment reciew is mandatory. Xoming to how much depreciation needs to be charged? 1 day depreciation is enough.
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