Depreciation on Premises

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Manager
36 Points Posted on 29 January 2021
When we do revaluation of Premises, revaluation reserve to be create. Shall the depreciation on Revalued premise debit to Profit n Loss account or adjust with Revaluation Reserve?
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On 29 January 2021 at 11:30 Report
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This discussion clarifies the accounting treatment for depreciation on revalued premises. When premises are revalued, a revaluation reserve is created. The consensus is that depreciation on the revalued premise should be debited to the Profit and Loss account. The amount held in the Revaluation Reserve can then be transferred to the General Reserve account.

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Chartered Accountant
24588 Points Posted on 29 January 2021
It should be debited to profit and loss
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On 29 January 2021 at 11:52
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teaching
2046 Points Posted on 31 January 2021
Revaluation Reserve amount can be credited to General Reserve A/c
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On 31 January 2021 at 07:52

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