09-04-2010, 06:52 PM
For example, an asset having NBV of Rs. 1,000 (cost 3,000 & Acc. dep 2,000) was revalued at Rs. 1,500. the accounting entry for this revaluation will be
Asset (Dr.) 500
Revaluation surplus (Cr.) 500
Additional depreciation on 500 will be debited to surplus subsequently.
When an asset is revalued, the fixed asset register is also updated. (Also consider impact on deferred taxation, if applied)
Asset (Dr.) 500
Revaluation surplus (Cr.) 500
Additional depreciation on 500 will be debited to surplus subsequently.
When an asset is revalued, the fixed asset register is also updated. (Also consider impact on deferred taxation, if applied)
