For partial-years depreciation, if an asset is purchased on February 8, how many months’ depreciation will be taken for the year?

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For partial-years depreciation, if an asset is purchased on February 8, how many months’ depreciation will be taken for the year?

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    2021-09-06T12:45:22+00:00

    Answer:

    11 months depreciation will be taken for the year

    Step-by-step explanation:

    The term Depreciation means that the monetary value of the assets will decrease with the increase in time.

    So, as the depreciation occurs and varies in the first year in which the asset is purchased.

    Now, the asset is purchased in February 8 and we need to find the month depreciation for the same :

    Number of months in one year = 12

    So, Depreciation months taken for the same asset = 12 – 1

                                                                                            = 11

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