Different code combination of cost , accumulated depriciation and expense accounts for revluation.
HI,
We revalute our assets after 3 years as per policy.
E.g.
Asset Cost : 100,000
Revlue percentage : 5 %
Revaluation amount : 5,000
Total asset cost after revalution : 105,000
We want to separate cost , accumulated depreciation and expense accounts for revaluation . Its mean that
Cost :100,000 already debited in a code combination 01-000-10001 (building cost a/c)
5,000 revalued amount must be debited in another code combination 01-000-10002 (building revaluation cost account)
Same treatment must be for accumulated depreciation
Accumulated depreciation :
For original on cost 100,000 accumulated depreciation is charged on monthly basis after depreciation program into a code combination 01-000-30001 (accumulated dep - building a/c)
We revalute our assets after 3 years as per policy.
E.g.
Asset Cost : 100,000
Revlue percentage : 5 %
Revaluation amount : 5,000
Total asset cost after revalution : 105,000
We want to separate cost , accumulated depreciation and expense accounts for revaluation . Its mean that
Cost :100,000 already debited in a code combination 01-000-10001 (building cost a/c)
5,000 revalued amount must be debited in another code combination 01-000-10002 (building revaluation cost account)
Same treatment must be for accumulated depreciation
Accumulated depreciation :
For original on cost 100,000 accumulated depreciation is charged on monthly basis after depreciation program into a code combination 01-000-30001 (accumulated dep - building a/c)
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