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Revalutation of land

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 April 2014 Can you please provide an idea for revalutation of land.Can we use the municipility rate to revalue the land if it fall within the municipility area.Please provide the solution along with Journal entry and the treatment.
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Ashok

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Ashok (Expert)
14 April 2014 Revaluation that causes the land value to be stated at a higher price must be passed through revaluation surplus account which must be shown under reserves and surplus under equity. If there is fall in land value (unlikely) the decrease in land value must be taken through P&L account.
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Querist : Anonymous

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Querist : Anonymous (Querist)
14 April 2014 can we use the municipility rate to revalue the land ?
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Querist : Anonymous

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Querist : Anonymous (Querist)
14 April 2014 we have to get approval from mgt committe for revalutation of land?
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