Question
A company purchased machinery for ₹50,00,000 on 1st
April 2020. Installation cost was ₹5,00,000. Residual value ₹3,00,000, useful life 5 years. On 1st April 2022, fair value was assessed at ₹30,00,000. Depreciation is charged on straight-line basis. What is the carrying amount as of 31st March 2023 and revaluation surplus?Solution
Cost = ₹55,00,000 Depreciation/year = (55 – 3)/5 = ₹10,40,000 2 years depreciation = ₹20,80,000 Carrying amount on 1-Apr-2022 = ₹34,20,000 Fair Value = ₹30,00,000 ⇒ downward revaluation Revaluation loss = ₹4,20,000 (to P&L or OCI as per AS-10) After 1 more year depreciation: Depreciation = (30 – 3)/3 = ₹9,00,000 Carrying amount = ₹21,00,000
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