Revalued fixed asstes sale entries
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 January 2013
land original cost - 100/-
Revalued - 50/-
-----------
150/- shown in Land B/S assts side
50/- in capital reserve - liability side
on sale value of Rs. 200/-
How to a/c for profit & wt will be the entries?
Pls reply urgently.
Thanks
Revalued - 50/-
-----------
150/- shown in Land B/S assts side
50/- in capital reserve - liability side
on sale value of Rs. 200/-
How to a/c for profit & wt will be the entries?
Pls reply urgently.
Thanks
Sumit Grover
(Expert)
25 January 2013
Bank(Or Party) A/c Dr. 200
Capital Reserve A/c Dr.50
To Land 150
To Gain on sale 100
Capital Reserve A/c Dr.50
To Land 150
To Gain on sale 100
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