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Dear Sir,
When a non-current asset is revalued downwards, we debit the revaluation surplus a/c. I am wondering whether the Revaluation Surplus a/c can have debit balance and if yes when we come to prepare the Statement of Financial Position, will the balance be shown in brackets?Thank you!
In Paper F3 we won’t revalue downwards (we are effectively doing that anyway when we depreciate).
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