Basic query in accounting
This query is : Resolved
08 October 2013
Can I get a example with figures on below concept of AS-10?
“When a fixed Asset is revalued upwards,any accumulated depreciation existing at the date of the revaluation should not be credited to the profit and loss statement.”
I will be very much thankful to you.
Can I get a example with figures on below concept of AS-10?
“When a fixed Asset is revalued upwards,any accumulated depreciation existing at the date of the revaluation should not be credited to the profit and loss statement.”
I will be very much thankful to you.
08 October 2013
Example:-
Original cost (a) -- Rs. 100/-
Accumulated depreciation (b) -- Rs. 30/-
Net Block value [a-b] -- Rs. 70/-
Asset(net block) is revalued to --Rs. 90/-
Entry:-
Asset (original cost) Dr. 20/-
To Revaluation reserve 20/-
(Being difference between revaluation
amount and net block value capitalized
as per AS-10).
Original cost (a) -- Rs. 100/-
Accumulated depreciation (b) -- Rs. 30/-
Net Block value [a-b] -- Rs. 70/-
Asset(net block) is revalued to --Rs. 90/-
Entry:-
Asset (original cost) Dr. 20/-
To Revaluation reserve 20/-
(Being difference between revaluation
amount and net block value capitalized
as per AS-10).
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