Suggest treatment of following transaction
if any asset is revaluated upwards then such amount is credited to revaluation reserve. Profit/loss to the extent of outstanding balance of such reserve is charged to / credited to revaluation reserve account and other will be charged to / credited to Profit & Loss A/c as mentioned in AS-10
| Originally posted by : CA Neil Ganatra | ||
 |
if any asset is revaluated upwards then such amount is credited to revaluation reserve. Profit/loss to the extent of outstanding balance of such reserve is charged to / credited to revaluation reserve account and other will be charged to / credited to Profit & Loss A/c as mentioned in AS-10 |
 |
| that is ok but what about the profit on the sold of over and above on origanal cost. and for this capital profit in AS 10 in which para this is mentioned (apart from revaluation of assets) | ||
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
