Dear All
We want to revalue our land in proprietorship firm from 30 lac to 75 lac pls let me how to pass entry of revaluation can we create revaluation reserve in books but I don’t think because its not co.
1 Replies
CA Goutam Sharma
(Chartered Accountant in Practice)
(468 Points)
Replied 15 October 2011
AS 10 applies to all enterprises in its entirety. So , you can revalue the asset. Go Ahead.
Asset Dr.45
To Reval. Res. 45
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