Accounting treatment

Fixed Assets on 1.4.2011 is 1000000

on 30.6.2011 Revaluation on Fixed Assets : 200000

Assets Is sold on 30.9.2011. for 1400000.

 

what is treatment of Revaluation Reserve of 200000?

 

Replies (5)

if u maintained revaluation reserve A/c 200000 should transfered to reserve a/c otherwise to the extent of 200000 transfered pand l a/c

 

 

 

 

 

 

 

 

Recycle the revaluation reserve to P&L in the same line in which the gain or loss on disposal of fixed asset is booked.

transfer the whole amount to p&l a/c then calculate gain /loss on sale of asset ORdifference in loss/gain of sale of aseet and revaled amount to p&l a/c

No Journal Entry Will be Passed on Revaluation of Assets but At the Time of Sale Following Journal May Be Passed,

                                  Bank A/c - Dr   1400000

                                              Fixed Assets A/c Cr  1000000

                                               P/L A/c                  Cr    400000

What about depreciation from 01-04-2011 to 30-09-2011? It has to be considered when the asset is sold.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
08 October 2026
SALES TELECALLER

HIRE NOVA

Lucknow

Graduate (Any)

View Details
Company
14 October 2026
Asst. Manager/Dy Manager (Costing)

manufacturing

Pune

CMA

View Details
Company
30 September 2026
Senior Accountant

Codeboard Technology

Chennai

B.Com

View Details
Company
ARTICLESHIP 07 October 2026
Article assistant

S.K.Bajpai & Co.

Noida

B.Com

View Details
Company
ARTICLESHIP 21 September 2026
CA Article Assistant

KK & Company Chartered Accountant

Pune

CA Inter

View Details
Company
08 October 2026
Accounts and Tax Associate

POOJA R TELI & CO

Pune

CA Inter

View Details
Company
ARTICLESHIP 28 September 2026
Junior Accountant

J S P M & Associates LLP

Pune

B.Com

View Details
Company
05 October 2026
Senior Accountant

Vision IT Peripherals Pvt Ltd

Mumbai

B.Com

View Details