3 years ago
Accumulated Depreciation
Good evening all,
Last fin year, due to the Aus Government 100% instant tax right off, we 100% depreciated the company vehicles purchased over the year, or should i say the accountant did
Due to difficult business circumstances we no longer have the said accountant and are trying to do things on our own this year,
The balance sheet still shows the negative accumulated depreciation for this year. I would assume that this was claimed last year and cant have an effect on this year, does this need to be journalled out or ????
Your input wise community is appreciated
Thanks