Revaluation of assets
This query is : Resolved
ajit kumar jain
(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 .
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 .
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
debit revaluation reserve 100
credit loss on sale of land & building 100
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