AS10 Sale of revalued asset
This query is : Resolved
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?
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?
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
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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