Property which had been acquired by a Company on 01st April 2019 for Rs. 08 million...
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Property which had been acquired by a Company on 01st April 2019 for Rs. 08 million was revalued for the first time on 01st October 2021 for Rs. 8.8 million. On 01st April 2021, the provision for depreciation on property account had balance of Rs. 2 million. The property is depreciated on straight-line basis. The remaining useful lifetime of this property as on 01st October 2021 was 08 years. Required, 1. What is the amount of revaluation surplus? 2. How much is the depreciation for the year ended 31st March 2022? 3. What is the carrying amount of the property as at 31st March 2022? Property which had been acquired by a Company on 01st April 2019 for Rs. 08 million was revalued for the first time on 01st October 2021 for Rs. 8.8 million. On 01st April 2021, the provision for depreciation on property account had balance of Rs. 2 million. The property is depreciated on straight-line basis. The remaining useful lifetime of this property as on 01st October 2021 was 08 years. Required, 1. What is the amount of revaluation surplus? 2. How much is the depreciation for the year ended 31st March 2022? 3. What is the carrying amount of the property as at 31st March 2022?
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Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
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