Question
A lorry was purchased on 1 July 2011 at RM120,000. It was depreciated using straight line method for 10 years with residual value of RM20,000.
A lorry was purchased on 1 July 2011 at RM120,000. It was depreciated using straight line method for 10 years with residual value of RM20,000. On 3 January 2016, the lorry has been refurbished at cost of RM65,000. Refurbishment increase the useful life with additional of 4 years. On 2 July 2018, the lorry is sold for RM100,000. Assuming financial year ended is on 31 December.
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Whispers In The Auditing Room
Authors: Azhar UL Haque
1st Edition
B0C63ZTK27, 979-8223789352
