INDEXATION FROM 2014 TO 2018:
Year | Formula/Calculation | Amount($) |
2014 | (530,000*100)/100 | 5,30,000 |
2015 | (620,000*105)/100 | 6,51,000 |
2016 | (610,000*110)/100 | 6,71,000 |
2017 | (485,000*111)/100 | 5,38,350 |
2018 | (620,000*115)/100 | 7,13,000 |
JOURNAL ENTRIES:
Year | Particulars | Debit($) | Credit($) |
2015 | Purchase a/c Dr | 31,000 | |
To Revaluation Reserve a/c | 31,000 | ||
[Being Revaluation of invenotry] | |||
2016 | Purchase a/c Dr | 61,000 | |
To Revaluation Reserve a/c | 61,000 | ||
[Being Revaluation of invenotry] | |||
2017 | Purchase a/c Dr | 53,350 | |
To Revaluation Reserve a/c | 53,350 | ||
[Being Revaluation of invenotry] | |||
2018 | Purchase a/c Dr | 93,000 | |
To Revaluation Reserve a/c | 93,000 | ||
[Being Revaluation of invenotry] |
Notes:
Instead of purchase a/c even inventory a/c can be used if the relevent a/c is created.
BALANCE OF LIFO/REVALUATION RESERVE A/C:
Year | Reserve Value |
2015 | 31,000 |
2016 | 61,000 |
2017 | 53,350 |
2018 | 93,000 |
The following information was provided by Mabie Company Year 2014 2015 2016 2017 2018 Ending Inventory...
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