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?
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