MGT201 MIDTERM PAST PAPERS GET PDF PAPERS FILES FROM THE BELOW LINK:
Financial Management:
If the company overvalues its fixed assets, the increase in the value of these assets or the amount added by writing them off, e.g. appearing in the company’s accounting books is transferred to an account called “Surplus k
Revaluation of fixed asset accounts” and listed in the company’s balance sheet under Capital and reserves.
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With the exception of and to the extent actually realized on the sale of assets that are revalued, the revaluation surplus fixed assets shall not be used to set off or reduce any deficit or loss, whether past, present or future or any
is used, modified, or treated in such a way as to add to the income, profit, or surplus of the company, or is used directly or indirectly in the form of dividends or bonuses.
MGT201 MIDTERM SOLVED PAPERS:
Provided that the surplus from the revaluation of fixed assets can be applied by the company in set-off or reduction
deficit arising from the revaluation of any other long-term assets of the company After revaluation as mentioned above, depreciation with reference to value shall be shown for the assets so revalued assigned to such assets before revaluation, and the surplus from the revaluation may be depreciated over the useful life of the assets.
