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Question - Lilly owns a hair dressing business. She purchases the following items for sole use in the hair dressing business: One special stand alone hairdryer on the 1st of July at a cost of $12,000. It has an estimated life of nine years.

A new computer software program, to manage her bookings and stock, with an effective life of four years costing $295.

A Mercedes on the 1st July costing $95,000 with an estimated life of seven years.

What amount is allowed as a deduction for the decline in value of the above items purchased during the current income year using both methods available?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M93120552

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