XYZ Ltd acquired a plant costing Rs $20,000$ on January $1,2022,$ and estimate the residual value of the plant will be Rs $2,000$ after $6$ years. XYZ Ltd has an accounting year end of $31$st December and uses straight like method to depreciate its plant and equipment. At the end of the second year the useful life of the plant was reassessed at $8$ years and the residual value was reduced to Rs $1000$