29 Jun Question Lets say, for example, furniture that was purchased on 1 Jan 2014 has a carrying amount of R175 000 (Cost: 700 000 & Accumulated Depreciation: 525 000) on 1 Jan 2017. The year end is 3
Question
Lets say, for example, furniture that was purchased on 1 Jan 2014 has a carrying amount of R175 000 (Cost: 700 000 & Accumulated Depreciation: 525 000) on 1 Jan 2017. The year end is 31 December 2017. The furniture is depreciated according to the straight line basis over 4 years. All furniture and fittings were donated to various charity organisations on 31 December 2017.
How do we treat the donation of the furniture in the PPE note, when all the depreciation on it has been used up by year-end? Do we treat it as a disposal? If so, at what amount? Any input will be very appreciated. Big thanks
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