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Accounting higher question

  • 02-04-2008 9:48pm
    #1
    armbruster
    Registered Users, Registered Users 2 Posts: 109 ✭✭


    Here's an interesting question - on "Revaluation"

    Where does the revenue reserve come from on the debit side of the Revalaution Reserve account?
    How do you come up with that figure, I know almost everything about Revaluation, but can never understand where it comes from on the marking schemes!


Comments

  • #2
    lcaccounting
    Closed Accounts Posts: 13 ✭lcaccounting


    armbruster wrote: »
    Here's an interesting question - on "Revaluation"

    Where does the revenue reserve come from on the debit side of the Revalaution Reserve account?
    How do you come up with that figure, I know almost everything about Revaluation, but can never understand where it comes from on the marking schemes!

    To answer your question:
    When a revalued asset has been sold/disposed, the amount on the cr side of the Reval Reserve a/c that relates to that specific asset must be transferred to a revenue reserve a/c.

    All the capital gain from the revaluations are transferred to the revenue reserve a/c.


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