What is Journal Entries of revaluation Assets and depreciation cost and revaluation on Fixed Assets. ?
Problem: Journal Entries of Depreciation after of revaluation on Fixed Assets.
An Examples is given below:
Books Value as on 01/01/2010 usd 1,00,000/=
Useful Life 10 Years
Accumulated Depreciation usd as on 31.12.2011 usd 20,000/=
Now The assets revalue as on 01/01/2012 usd 90,000/=
What is Journal Entries as follows? i) revaluation assets and ii) Depreciation of cost and Revaluation as on 31/01/2012 ?
So Net Book Value or Asset at cost usd 80,000/=( 1,00,000 – 20,000)
Incremental Value/ or Revalue or Assets on Revaluation usd 10,000/=( 90,000-80,000)
Thanks and Regards