Revaluation treatment
This query is : Resolved
30 November 2011
Hi, I have some doubts on treatment of revaluation gain and loss. Is suppose we have revalued certain assets. There is a total revaluation gain of rs 5000 for one asset and revaluation loss of rs 3000 for another asset/liability.
Kindly let me know the treatment of the same . Whether the full amount will be dibited/credited in one 'Revaluation Account' or seperate 'Revaluation Gain' and ' Realution Loss' accounts should be opened? and in the P&L a/c whether we need to show both the gain and loss a/c.
What is the source of the correct treatment? Accounting Standards or Compnaies Act? Kindly Explain
Kindly let me know the treatment of the same . Whether the full amount will be dibited/credited in one 'Revaluation Account' or seperate 'Revaluation Gain' and ' Realution Loss' accounts should be opened? and in the P&L a/c whether we need to show both the gain and loss a/c.
What is the source of the correct treatment? Accounting Standards or Compnaies Act? Kindly Explain
30 November 2011
there is no need to show the loss/gain on revaluation of assets in the Profit & Loss Account.
Both the gain/loss shall be either debitted or credited to Raevaluation Resreve Account under Reserves & Surplus.
Both the gain/loss shall be either debitted or credited to Raevaluation Resreve Account under Reserves & Surplus.
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