Revaulation of fixed assets
This query is : Resolved
31 May 2012
at the time of revaluation of fixed assets say Building, whether the depreciation fund also have to revalued with the same % of increase...i.e. additional depreciation is cr. to the depreciation fund account at the time of revaluation...and if yes until what date such depreciation fund have to be revalued??
01 June 2012
You have to increase the value of the Building by the revaluation amount and credit the Revaluation Reserve Account. Each year the proportionate amount of depreciation on Revalued Figure should be credited to Profit & Loss Account and debited to Revaluation Reserve account.
01 June 2012
so where the depreciation fund is created we have to transfer the amount from revaluation reserve to depreciation fund account...is it correct?
01 June 2012
Yes if there is a depreciation fund, your accounting entry is correct
02 June 2012
Thank you
04 June 2012
again I want to ask that where the revaluation was take place at HO for the assets of the subsidiary,then whether the depreciation fund also have to be revalued-in subsidiary there is no revaluation reserve account till date then what will be the scenario?
04 June 2012
again I want to ask that where the revaluation was take place at HO for the assets of the subsidiary,then whether the depreciation fund also have to be revalued-in subsidiary there is no revaluation reserve account till date then what will be the scenario?
15 June 2012
Firstly see at the time of revaluation of assets what the entry was passed. Then move accordingly.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Disallowance of Section 43B(h) to sez units
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Redevolpment of bldg in mumbai
- Refund of AY 22-23
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
