fix: GL Entries for Asset value adjustment

[nabinhait]

GL Entries:

Increase Asset Value:

Let suppose, An asset is worth Rs 50,000 originally and its accumulated depreciation till date is Rs 10,000. So, the Carrying value of the asset is Rs 40,000. it means the balances right now are as follows in the balance sheet -

Asset Ac - Debit Rs 50,000 Accumulated Depreciation - Credit Rs 10,000

Now if revaluation happens and the Asset value is determined at Rs 60,000, then the following entry should be passed at the time of the revaluation. Asset Ac - Debit Rs 20,000 ( Revalued Amt minus Carrying Amount) (60,000-40,000) Revaluation Surplus Ac - Credit Rs 20,000

Decrease Asset Value:

Let suppose, An asset is worth Rs 50,000 originally and its accumulated depreciation till date is Rs 10,000. So, the Carrying value of the asset is Rs 40,000. it means the balances right now are as follows in the balance sheet - Asset Ac - Debit Rs 50,000 Accumulated Depreciation - Credit Rs 10,000 Now if revaluation happens and the Asset value is determined at Rs 30,000, then the following entry should be passed at the time of revaluation. This is known as the Impairment of assets. The simple below entry is passed for this Impairment Loss Ac - Debit Rs 10,000 (Carrying amount minus revalued amount) Accumulated Depreciation - Credit Rs 10,000

Depreciation

After the revaluation of an asset, the depreciation schedule should be changed based on the increased/decreased value.

closes #39560

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[stale[bot]]

This pull request has been automatically marked as inactive because it has not had recent activity. It will be closed within 3 days if no further activity occurs, but it only takes a comment to keep a contribution alive :) Also, even if it is closed, you can always reopen the PR when you're ready. Thank you for contributing.

[stale[bot]]

This pull request has been automatically marked as inactive because it has not had recent activity. It will be closed within 3 days if no further activity occurs, but it only takes a comment to keep a contribution alive :) Also, even if it is closed, you can always reopen the PR when you're ready. Thank you for contributing.

[stale[bot]]

This pull request has been automatically marked as inactive because it has not had recent activity. It will be closed within 3 days if no further activity occurs, but it only takes a comment to keep a contribution alive :) Also, even if it is closed, you can always reopen the PR when you're ready. Thank you for contributing.