Guru Berhad year end is every 31 December. Guru Berhad acquired a warehouse for RM20 million on 1 October 2012 with an estimated useful life
Guru Berhad year end is every 31 December. Guru Berhad acquired a warehouse for RM20 million on 1 October 2012 with an estimated useful life of 25 years. Depreciation charged based on period of ownership. On 1 January 2020, the building was deemed to be impaired as its fair value was estimated to be RM12 million. At that date, the estimated remaining life was revised to 12 years. Advise Guru Berhad on appropriate accounting treatment. You are also required to indicate the depreciation charged during the year ended 31 December 2020.
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