Revaluation Reserve A/c

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Sumit Jain (Querist)
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28 April 2009 As per AS-10,

Revaluation reserve A/c is to be made when ever we revalue our assets.

and additonal dep is to be charged from this resrve.

Sumit Jain

Sumit Jain (Querist)
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28 April 2009 I want to know why we do this only in case of Companies but not in firm or proprieter ship concern.?

Vipul J. Bhavsar

Vipul J. Bhavsar (Expert)
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29 April 2009 Dear Sumit, Will you please show me where it is written that AS - 10 is applicable only for the companies?

AS-10 applies to all kinds of Enterprises.

CA Devin

CA Devin (Expert)
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29 April 2009 Agree with Vipul...

But usually no prop. concern or Partnership firm revalues its assets as in prop. concern & p.firm we charge depreciation as per income tax so we usually keep balance in our accounts as per WDV in income tax.

CA Devin

CA Devin (Expert)
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Sumit Jain

Sumit Jain (Querist)
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29 April 2009 hey vipul and devin
i just wabt to know whether AS-10 is mandatory for all enterprises or mandatory only for companies

taxindiaconnect

taxindiaconnect (Expert)
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29 April 2009 AS 10 is mandatory for all the companies and big indutrial and commercial enterprises. It is not mendatory for prop and partnership firms.

Sumit Jain

Sumit Jain (Querist)
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08 May 2009 thanx rajesh

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