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
The fifth volume of the Reserve Bank of India’s history is released, this volume encompasses the period from ______.
How has the sovereign gold bonds (SGBs) scheme impacted India's gold import bill in the financial year 2023-24?
Canada Pension Plan Investment Board (CPPIB) has sold 1.7 per cent stake in private sector lender Kotak Mahindra Bank, mopping up to _______ .
The IIT Hyderabad has created India's first AI-triggered accessible job portal for persons with disabilities (PwDs). Name it?
What was China's share in global EV exports in 2024?
Recently, Japan successfully conducted a test-fire of what advanced technology from an offshore platform?
What share did UPI account for in total payment volume as per the RBI report?
To prevent cancer ‘Hope Express’ has been announced by the Health Minister of state ______ Rajesh Tope?
HyderabadDLabs at the Indian School of Business (ISB) has launched ‘Build for Billions in association with Reserve Bank Innovation Hub (RBIH) a st...
________ signed a professional services agreement with Cloud Software Group, to help implement, upgrade, modernize and provide services for its TIBCO pr...
