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Recording in the books of accounts

This query is : Resolved 
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(Querist)
24 November 2015 Please correct me if I am wrong:

A Computer purchased Rs.50,000 and a Printer received free with it worth Rs.5000.

As per my knowledge the journal entry would be:

Computer Acc dr. Rs. 50,000
Printer Acc dr. Rs. 5,000

To Cash Rs. 50,000
To Revaluation Reserve Rs.5,000

In this way we can record the fair value of both the assets and we can depreciate printer by reducing Revaluation Reserve in the coming years.

Please suggest
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
24 November 2015 Account computer for Rs. 45,000 and printer for Rs. 5,000.
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