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Hi mike,
Just covering basics and am a little stuck….not a good sign!
On point 3, the asset was impaired by $35000, the revaluation surplus contains $25000 relating to the asset.
I understand that reduce revaluation surplus by 25000 but what’s the treatment of the remaining 10000?
ThanksThere have been countless posts on is very point on this thread! Did you check before you posted?
The impairment has already been recorded but recorded incorrectly because 25,000 of the 35,000 should have been debited to revaluation reserve
OK?
Sorry mike I must admit I didn’t check. Which is a first because I usually do……….honest!
I’ve seen your response to another member now in that impairment due to general price changes are not accounted for (except in so far as previously revalued amounts)
Thanks for your reply
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