Revaluation reserve
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 February 2012
A company intends to revalue a leasehold land and Building situated in an Industrial Area. Can it be done? If yes
1. What are the steps to be followed?
2.What are the precautions to be taken as an auditor?
3. After revaluation whether depreciation is to be charged on revalued building?
1. What are the steps to be followed?
2.What are the precautions to be taken as an auditor?
3. After revaluation whether depreciation is to be charged on revalued building?
29 February 2012
Yes you can revalue your asset. As an auditor you will check revalued certificate issued by Archay or certified professional.
Assets A/c
To Revaluation Reserve
Revaluation Reserve
To Depreciation
Assets A/c
To Revaluation Reserve
Revaluation Reserve
To Depreciation
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