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Hi Sir,
The Journal entry for Revaluations is Cr- R. Reserve & Dr Assets. How does revaluation affect Other Comprehensive Income & what is the J. Entry for that. OCI is making life difficult for me as i dont understand what exactly its used for
Thanks In advance
The gain is shown also in OCI
It’s not a part of the double entry process – it’s just fuller disclosure of gains achieved in the year
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