Results 1 to 3 of 3

Thread: Calculating Depreciation

  1. #1
    New Member
    Join Date
    Nov 2013
    Thanked 0 Times in 0 Posts

    Calculating Depreciation

    I am trying to calculate the depreciation on a truck used by a transport company.

    I know the value of the vehicle R371 000.00 and the expected useful life of the vehicle must be 3yrs according to SARS

    Please can someone help me with the residual value?

  2. #2
    Gold Member
    Join Date
    Mar 2012
    Thanked 381 Times in 298 Posts
    R1 is fine

  3. #3
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Durban, South Africa
    Thanked 2,397 Times in 2,004 Posts
    Blog Entries
    Personally, as vehicles make up such a large proportion of my fixed assets, I prefer to reflect the fair market value in my balance sheet.

    Thus I have sub-accounts for each vehicle for accumulated depreciation (for taxcalc) and depreciation adjustments (to return nett asset value to fair market value).

    It leads to other complications, of course, like deferred tax entries and a tax calc which is quite far removed from the reflected income statement - but definitely results in a better reflection of the actual financial position of the business and is worth the schlep (at least in my case).
    Seeing opportunity changes nothing. Seizing opportunity and running with it changes lives.

Similar Threads

  1. Calculating UIF on Bonuses
    By snowy170 in forum Accounting Forum
    Replies: 4
    Last Post: 13-Feb-16, 11:03 AM
  2. Calculating annual leave
    By KimH in forum Labour Relations and Legislation Forum
    Replies: 8
    Last Post: 07-May-13, 11:52 AM
  3. [Question] Self developed Software Depreciation
    By IntelliSales in forum Tax Forum
    Replies: 2
    Last Post: 05-Jul-12, 11:52 AM
  4. SBC - depreciation
    By Jennajay in forum Accounting Forum
    Replies: 4
    Last Post: 15-Feb-12, 01:01 PM
  5. Depreciation of Software Solution
    By Petrichor in forum Accounting Forum
    Replies: 9
    Last Post: 10-Feb-12, 09:23 AM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts