SCHEDULES
SCHEDULE 8FORM AND CONTENT OF ACCOUNTS PREPARED BY SMALL COMPANIES
PART IIACCOUNTING PRINCIPLES AND RULES
SECTION BHISTORICAL COST ACCOUNTING RULES
Fixed assets
18
In the case of any fixed asset which has a limited useful economic life, the amount of—
a
its purchase price or production cost; or
b
where it is estimated that any such asset will have a residual value at the end of the period of its useful economic life, its purchase price or production cost less that estimated residual value;
shall be reduced by provisions for depreciation calculated to write off that amount systematically over the period of the asset's useful economic life.