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Revaluation of assets

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(Querist)
13 September 2016 x company revalued the land & building say for rs. 500 the boook value before revaluation was say rs. 250.

Now the assets is sold for rs. 400 .

So my question is whether rs. 100 capital loss can be adjusted with the revaluation reserve. If so what would be journal entries.Here the entire revalued assets is sold .

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Amol S Joglekar

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Amol S Joglekar (Expert)
13 September 2016 yes, you need to transfer it to revaluation reserve...
debit revaluation reserve 100
credit loss on sale of land & building 100
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