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Q. > Please Help: Revaluation reserve on fixed assets
If My book value of fixed assests is 100000 and cumulative depreciation is 40000 and we want to revalued our fixed assets RS 1200000, then wich amount I have to pass entry.I will pass amount of Rs 20000 or 60000. Pl help
1 Answers
answered Aug 10, 2012 by Vikash Kumar Jha , Cuttack
If revaluation process is adopted on the basis on WDV then you have to pass entry for RS. 60000. but you are going to revalued your fixed assets on the basis of book value the you have to also considered depreciation part and for balancing amount you have to pass the entry to the extent of my knowledge.
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