Treatment of fixed assets in case of merger

Hi, 

Can anybody tell me that in case a partnership firm is merged in a pvt. ltd. company, then how should we treat the Fixed Assets in the Balance Sheet of Company,

Do, we have to show as addition during the year or show them as WDV in Opening Balance.

If they are to be shown as WDV then , how will we get to know about their Gross value because in Depreciation schedule we have to show Assets Gross Value .

Replies (2)
In my view, The Assets should be revalued and should be taken as addition during the year for complying the provisions of the Companies Act. In the case of Income Tax Act the deprecation will be apportioned between the two as per the number of days used. Block Value of Assets will be same as it is in the case of firm.

Thanks sir, But may i know the basis of revaluation. I mean do we have to take the market value of the current state of assets should be taken as addition.

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