08-05-2010, 02:16 PM
I will start with example
We have an opening balance on revaluation of Rs 2,000 (we have properly done the depreciation transfer in previous years) During the year another Rs 1,000 was added as revaluation. If the depreciation rate is 10% and tax rate is 35%, how should the entries go to deferred tax and retained earnings including the depreciation transfer?
We have an opening balance on revaluation of Rs 2,000 (we have properly done the depreciation transfer in previous years) During the year another Rs 1,000 was added as revaluation. If the depreciation rate is 10% and tax rate is 35%, how should the entries go to deferred tax and retained earnings including the depreciation transfer?