Asset fully depreciated

asked Jul 6, 2020 in General Accounting Q&A by Stevenlino

Please what happens practically in a company to an asset that has been fully depreciated . Like for example; a vehicle that has been fully depreciated, but it is still good to be used.

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answered Jan 19, 2023 by anonymous

In normal practice either revalue the stock with market price or maintain at $1.

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answered Jan 19, 2023 by AshaKantaSharma Level 1 Member (1.8k points)

In the books of accounts it will have zero values but it will surely exist for all practical aspects/purposes.

Asset fully depreciated

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