A building costing Rs.12,00,000 is depreciated for 3 years on straight line basis assuming 10 years working life and Rs.2,00,000 as residual value. At the beginning of fourth year, the building was revalued upwards by Rs.3,00,000 and the residual value was also revalued to Rs.3,00,000. The remaining useful life was reassessed as 10 years. Find the depreciation to be charged for the fourth year and pass entries for revaluation of asset.
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Explanation:
A building costing Rs.12,00,000 is depreciated for 3 years on straight line basis assuming 10 years working life and Rs.2,00,000 as residual value. At the beginning of fourth year, the building was revalued upwards by Rs.3,00,000 and the residual value was also revalued to Rs.3,00,000. The remaining useful life was reassessed as 10 years. Find the depreciation to be charged for the fourth year and pass entries for revaluation of asset.
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