Historical cost concept is contradicting....

ABHINANDAN JAIN (CA Student) (886 Points)

30 July 2011  

 When we revalue fixed assets, the profits on revaluation is transferred to revaluation Reserve A/c and also the fixed assets are shown at revalued figure. Since historical cost concept says FA should be shown at HC i.e. Original cost ,then how can we show assets at Rev. Fig.

pls solve my doubt..