I'm working for a new company that started last year January (2016). All of the computers and furniture was inherited from the previous company (Re-branded the company, but doing exactly the same thing) how do I calculate depreciation with regards to Computers, Laptops & furniture?
A used or second-hand asset must be written off over its expected useful life, taking into account its condition. Therefore, you'd need to consider when the assets were originally purchased and the price that you paid for them. For example, if the laptops are already 3 years old, then wear and tear would be nil as they have a 3 year write-off period.