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Accounting - Reval. Reserve a/c Balances?

  • 08-12-2009 1:23pm
    #1
    jc2008
    Registered Users, Registered Users 2 Posts: 246 ✭✭


    We are doing Revaluation of Fixed Assets accounts at the moment. They are fine, but it just takes a while as the accounts have to be balanced 5 times (time consuming)

    My accounting teacher said that you need to balance all accounts at the end of each year (unless there are no entries for a year in an account). However, in the marking scheme, for the Revaluation Reserve a/c, there are no balances included, apart from one at the very end. I assume this means that you don't lose marks if they aren't included.

    My question is: Is it safe to assume that these balances are never needed? 27 minutes is allowed for this 60mark question, but I'm struggling to get it done in below 29 (I usually do them between 29-33 minutes). Not having to balance the Reval. Res. a/c would make this question a lot more doable in the allowed time.


Comments

  • #2
    Johnny Giles
    Closed Accounts Posts: 771 ✭✭✭Johnny Giles


    2 minutes diffence. Don't worry too much about it.

    You'd be better to include all balances though.


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