accounting treatment of depreciation
This query is : Resolved
14 May 2008
please provide me the accounting of depreciation on revalued assets
whether reduction is to be made on revuation reserve for dep on revalued assets etc.
whether reduction is to be made on revuation reserve for dep on revalued assets etc.
14 May 2008
Accounting treatment of revalued assets shud be as per AS 10
Depreciation on increasd amount shud be written off from revaluation reserve and balance from P&L Account
For example:
Value: 1Lacs
Revalued Amount:1.50Lacs
Dep Rate: 10%
Accounting Entry:
Dep Dr 15000
Asset Cr 15000
P&L Dr 10000
Revl Res Dr 5000
Dep Cr 15000
Depreciation on increasd amount shud be written off from revaluation reserve and balance from P&L Account
For example:
Value: 1Lacs
Revalued Amount:1.50Lacs
Dep Rate: 10%
Accounting Entry:
Dep Dr 15000
Asset Cr 15000
P&L Dr 10000
Revl Res Dr 5000
Dep Cr 15000
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