A plant constructed at a cost of 30,00,000 in the year 2003 was considered for revaluation
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A plant constructed at a cost of ₹ 30,00,000 in the year 2003 was considered for revaluation in the year 2006 and its net book value was enhanced by ₹ 2,50,000 resulting into revaluation reserve. In the year 2008, an impairment loss of ₹ 2,40,000 is recognized. How is such loss recognized in the books of accounts? Will your answer change if impairment loss is ₹ 2,80,000?
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i As the amount of impairment loss does not exceed the amount o...View the full answer
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