Surya Ltd. Has a two fixed asset, FA1 is being carried in the balance sheet for 600 lakhs and FA 2 is being carried at 300 lakhs As at 31st March…
CA Intermediate · Advanced Accounting · RTP · January 2025
Surya Ltd. Has a two fixed asset, FA1 is being carried in the balance sheet for 600 lakhs and FA 2 is being carried at 300 lakhs As at 31st March 2024, the value in use for FA 1 is 500 lakhs and the net selling price is 550 lakhs. The Company did upward revaluation last year for 20 lakhs for FA 1. As at 31st March 2024, the value in use for FA 2 is 350 lakhs and the net selling price is 320 lakhs.
Suggested Answer and Working Notes:
Correct Answer: Option (B)
50 Lakhs
Topics: As 28, Preparation of Financial Statements
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