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Why depreciation is based on the revalued amount

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The plant and machinery account of ABC limited as at 1/1/03 stood at sh. 5,000,000. The-accumulated depreciation as at that date is Ksh. 2,000,000. On the same date the asset was revalued by Ksh, 2 000,000. Depreciation is calculated at 10% straight line. Depreciation is based on the revalued amount.

Required : Draw the necessary accounts and close them as at 31st December 2003.

Reference no: EM13510337

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