Answer to Question #209841 in Management for hamza khan

Question

Two Trucks were purchased on the 1st July 2017 at a cost of Rs. 20 million. It is being depreciated over 10 years. The company decided to use the revaluation model for valuing Trucks in 2020 and at the 30th June 2020, the Trucks were valued at Rs. 22 million by a professional valuer.

Revaluation Gain/(Loss) as on 30th June 2020 would be ___________.

Single choice.

(1 Point)

Gain of Rs. 8.6 Million

Loss of Rs. 8.2 Million

Gain of Rs. 22 Million

Loss of Rs. 10 Million

Answer 1

Correct answer is Gain of Rs. 8.2 Million