Q2.The Pathology Lab purchased Long term assets on 1 July 2017. The lab closes its account on 30 June. It is lab policy to revalue its long term asset every year. It is also lab policy to transfer maximum revaluation increase up to 10,00,000. to revaluation reserve against any single Asset . Any revaluation surplus above this amount will be charged to profit and loss account. However the lab does not place any restriction on charging revaluation decrease to revaluation reserve Asset Coagulator Analyzer Cast PKR Useful life in Years 7,500,000 20 3,500,000 15 Centrifuge Box 9,000,000 10 On 1 July 2018 as a result of an independent valuation the assets were valued as below Asset Fair value PKR Coagulator 9.125.000 Analyzer 9,433,333 Centrifuge Box 9,600.000 On 1 July 2019 as a result of an independent valuation the assets were valued as below Asset Fair value PKR 8,044,737 Coagulator Analyzer 8,399,524 Centrifuge Bes 8,133,333 n 1" July 2020 as a result of an independent valuation the assets were valued as below Asset Coagulater Analyzer Fair value PKR 10,597,807 9,716,484 Centrifuge Bex 8,616,667 Required Record the Revaluation, depreciation and profit and loss entries in consolidated methods and treating all three assets in a single entry. b) Draw Up the following account in consolidated methods and treating all three assets in a single Ledger Assets Revaluation Surplus Profit and Loss Depreciation