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Is it not the 25,000 mentioned at the end of point (iii) that should be debited to the revaluation reserve?
sorry sir, i sill dont understand, it had a CV of 130000 and was written down to 95000, so impairment is 35000., but the rev. surplus account contains 25000 relating to that asset. so why is the impairment loss not 10000(35000-25000)?
would appreciate ur help.
thnxHmm – you’re the first to see that! Thanks for pointing it out 🙂
The profit of the year (421) needs to be reduced by the additional 10,000 retained earnings need to be reduced and that affects the retained earnings to carry forward.
Thanks again – I’ll get that corrected before the June 2015 notes are printed
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