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Revaluation of Asset
Revaluation of Asset
IF THERE IS LOSS ON REVALUATION (and there is no relevant surplus), THE LOSS IS DEBITED TO P&L
On 31 December 2001, it was revalued at Rs. 900,000 Profit & Loss Account Land 100000 100000
On 31 December 2002, it was revalued at Rs. 600,000 Profit & Loss Account Land 200000 200000
IF THERE IS A GAIN ON REVALUATION, TO THE EXTENT REVALUATION LOSS WAS DEBITED TO P&L UNDER THE SAME ASSET, WILL BE CREDITED TO P&L On 31 December 2003, it was revalued at Rs. 800,000 Land Profit & Loss Account 200000 200000
On 31 December 2004, it was revalued at Rs. 950,000 Land Profit & Loss Account 150000 150000
IF THERE IS A GAIN ON REVALUATION, TO THE EXTENT REVALUATION LOSS WAS DEBITED TO P&L UNDER THE SAME ASSET, WILL BE CREDITED TO P&L. THE AMOUNT EXCEEDING THE PREVIOUS LOSSES WILL BE CREDITED TO "SURPLUS ON REVALUATION" ACCOUNT
On 31 December 2005, it was revalued at Rs. 1,100,000 Land Profit & Loss Account Surplus on revaluation 150000 50000 100000
IF THERE IS GAIN ON REVALUATION AND THERE IS NO (ADJUSTABLE) PREVIOUS LOSS ON P&L, THE GAIN WILL BE CRDITED TO SURPLUS ON REVALUATION ACCOUNT On 31 December 2006, it was revalued at Rs. 1,400,000 Land Surplus on revaluation 300000 300000
On 31 December 2007, it was revalued at Rs. 1,300,000 Surplus on revaluation Land 100000 100000
On 31 December 2008, it was revalued at Rs. 950,000 Profit & Loss Account Surplus on revaluation Land 50000 300000 350000