Revaluation account
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 January 2011
Hi,
Gross block Rs. 150,000
Acc Depreciation Rs. 90,000
Net block Rs. 60,000
The asset is revalued to Rs. 125,000.
Can some one please help with the accounting entries for Revaluation reserve and accumulated depreciation effect.
A guidance on AS disclosure requirements would also be helpful.
Thanks
Gross block Rs. 150,000
Acc Depreciation Rs. 90,000
Net block Rs. 60,000
The asset is revalued to Rs. 125,000.
Can some one please help with the accounting entries for Revaluation reserve and accumulated depreciation effect.
A guidance on AS disclosure requirements would also be helpful.
Thanks
10 January 2011
Please confirm whether Gross block has been revalued or Net assets value ?
Suppose it is gross value, Then it will be depreciated based and remaining useful life. The diff of accumalated depre. will be adjusted with revaluation reserve.
Suppose it is gross value, Then it will be depreciated based and remaining useful life. The diff of accumalated depre. will be adjusted with revaluation reserve.
13 January 2011
The difference between Netblock & revalued value need to be credit to Revaluation reserve. so entry will be
Dr: Fixed asset 65000
Cr: Revaluation reserve 65000
plese refer AS-10
Dr: Fixed asset 65000
Cr: Revaluation reserve 65000
plese refer AS-10
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