Revaulation of fixed assets
This query is : Resolved
CA MONIKA GOENKA
(Querist)
31 May 2012
at the time of revaluation of fixed assets say Building, whether the depreciation fund also have to revalued with the same % of increase...i.e. additional depreciation is cr. to the depreciation fund account at the time of revaluation...and if yes until what date such depreciation fund have to be revalued??
Soumitra Basu
(Expert)
01 June 2012
You have to increase the value of the Building by the revaluation amount and credit the Revaluation Reserve Account. Each year the proportionate amount of depreciation on Revalued Figure should be credited to Profit & Loss Account and debited to Revaluation Reserve account.
CA MONIKA GOENKA
(Querist)
01 June 2012
so where the depreciation fund is created we have to transfer the amount from revaluation reserve to depreciation fund account...is it correct?
Soumitra Basu
(Expert)
01 June 2012
Yes if there is a depreciation fund, your accounting entry is correct
CA MONIKA GOENKA
(Querist)
02 June 2012
Thank you
CA MONIKA GOENKA
(Querist)
04 June 2012
again I want to ask that where the revaluation was take place at HO for the assets of the subsidiary,then whether the depreciation fund also have to be revalued-in subsidiary there is no revaluation reserve account till date then what will be the scenario?
CA MONIKA GOENKA
(Querist)
04 June 2012
again I want to ask that where the revaluation was take place at HO for the assets of the subsidiary,then whether the depreciation fund also have to be revalued-in subsidiary there is no revaluation reserve account till date then what will be the scenario?
Soumitra Basu
(Expert)
15 June 2012
Firstly see at the time of revaluation of assets what the entry was passed. Then move accordingly.
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