I think it is correct to use "revaluation reserve a/c"
IF when the corresponding asset has been previously increased in value by debiting the "asset a/c" and crediting "revaluation reserve a/c".Hence a reverse entry is to be passed now.
else using P&L a/c appears to be correct.
Revaluaton Reserve a/c Dr
To Asset a/c
S.B.G. & CO. CHARTERED ACCOUNTANTS
New Delhi
CA Inter
View Details
KK & Company Chartered Accountant
Pune
CA Inter
View Details
AJAY SINGH AND CO LLP
Thane
CA Final
View Details
CCI
Pro
CAclubindia
