Question :
A computer purchased on 1st October 2016 for Rs.40,000 debited to Office Expenses Account is to be brought into account on 31st March 2018 charging depreciation @10% p.a. on written down value basis.
Option 1: Revaluation debited by Rs 34,200
Option 2: Revaluation credited by Rs 34,200
Option 3: Revaluation debited by Rs 40,000
Option 4: None of the above
Correct Answer: Revaluation credited by Rs 34,200
Solution : Answer = Revaluation credited by Rs 34200
Office Equipment A/c (Working Note 3)
Dr.
34,200
To Revaluation A/c
Value of Computer on 1st Oct. 2016 40,000
Less: Depreciation on 31st March 2017 (for 6 months) (2,000)
38,000
Less: Depreciation on 31st March 2018 (for 1 year) (3,800)
34,200 Hence, the correct option is 2.
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