Question: I'm currently doing some MYOB tutorial work. If the business paid $11,000 (inclusive of GST) for furniture what would the depreciation of the asset be
I'm currently doing some MYOB tutorial work. If the business paid $11,000 (inclusive of GST) for furniture what would the depreciation of the asset be for 9 days (February 20 to February 28) using a straight-line method at a rate of 15% per annum and depreciation is to be calculated on the historical cost? Does historical cost mean using a value $10,000 to calculate depreciation? ($11,000 minus the GST paid, $1000)?
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