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In question no 1 why not 5 million sir.fair value at 31 march should be taken to account?Regarding the amount to be transferred to Revalution reserve a/c?Please clarify
RegardsHi,
The question is looking at the figure on the revaluation reserve at the reporting date. As the asset is now held under the FV method then gains/losses are taken through profit or loss. The FV at the reporting date is therefore not relevant in the question as any gain/loss is now taken through profit or loss and not taken to OCI and the revaluation surplus. The FV would be shown on the face of the SFP but that is not part of this question.
Thanks
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