Question

Assume, you have joined in a firm as an accountant and you are required to give some
adjustments after preparing of trial balance. You found that your fixed asset value is
$50,000 which has an estimated life time of 5 years and its purchasing date is starting
of the year 2010.
Q.If you are doing adjustments on mid of the year (exactly after six months) what will
you record as entry?
Q.If you want to decrease the value of fixed asset will you put it on credit side? What
would be appropriate practice according to IFRS and GAAP? Write your opinion.

Answer 1

Answer:

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