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“Revaluation of Assets”
The company newly incorporates in Pakistan and contracted with PSS manufacturing for five years in technology sector. Company acquired building for manufacturing purpose for Rs. 6,500,000 in January 2003, where company assembles different parts in to portable transistor. Same year due to severe earthquake the valuers estimated the physical position of building reduce to Rs.6, 000, 000.This was taken as an expense in the income statement. Accumulated depreciation recorded in book after three years of use is Rs.900, 000. The estimated life of the building is 20 years. In 2005, the asset was revalued at the value of Rs.6, 800, 000. Company is provided for annually on 31st December at the rate of 5% per annum on original cost method.
Pass the Journal Entries regarding:
1. Loss incurred in 2003.
2. Incremental Depreciation after Revaluation in 2005.
3. Calculate the Amount of Surplus.
4. Amount of Surplus transfer to retained earnings.