Depreciation

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January 3, 2016 at 8:36 pm #293371
asmafayaz84
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hello sir!!
I have a question that normally we don’t depreciate land but if that land is revalued and its given that residual value is same as that of original value of land then do we need to depreciate it or not?
January 4, 2016 at 8:04 am #293388
John Moffat
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We normally do not depreciate land because we normally assume that it lasts for ever.
If we revalue then we still do not depreciate.
(But we must depreciate any buildings, because they do not last for ever 🙂 )
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