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The opening balances as a 1 July 2015 in Dave’s depreciation schedule are set out below. The opening depreciating assets were acquired after 10 May…
Pump No. 1 30,340
On 1 September 2015 the old pump No. 1 was disposed for $22,000. New wine pump No. 2 cost $60,000 purchased on the same date with another $12,000 paid for installation costs. Also $2,000 was paid for removal costs of the pump No. 1. The new wine pump No. 2 was installed ready for use on 1 November 2015.
All amounts exclude GST.
- A. Complete a depreciation schedule for the income year ended 30 June 2016.
- B. Show workings and section references.
my question is that the effective life of wine pump is 15 years.
The link: https://www.legislation.gov.au/Details/F2017C00490
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