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AS10 Sale of revalued asset

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(Querist)
04 February 2009 A fixed asset with historical cost of Rs 150 & WDV of Rs 100 have been revalued Rs 150 and accordingly revaluation reserve of Rs 50 has been created.

Lets assume, the asset is subsequently sold for
Situation A for Rs 175
Situation B for Rs 120

What will the accounting entry and finally where will be balance in revaluation reserve be transfered?
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
04 February 2009 Situation A

Bank Dr 175
To Fixed Asset 175

Revaluation Reserve 50
Fixed Asset 25
To profit on sale of fixed assets 75


Situation B
Bank Dr 120
To Fixed Asset 120

Revaluation Reserve 50
To Fixed Asset 30
To Profit on sale of fixed asset 20
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