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Hi, I just need some clarification please.
What is the journal entries (with figures) for a revaluation decrease of an asset? Using this example perhaps
Cost of asset on purchase date ie 1/1/10 = $12M
Deprecated over 10 yrs, no residual value, straight line basis
The asset was revalued on 31/12/11 to $13M and revalued again to $8M on 31/12/12I know how to record the revaluation surplus and what figures to use and also how to record the revaluation decrease ( DR. OCI , DR. P+ L , CR. PPE) but I’m not sure of what figures to use.
$2,975 million debited to Revaluation Reserve
$0,400 million debited to SoPL
$3,375 million credited to TNCA
OK
I don’t think so! I know how I arrived at my figures – how did you arrive at $3,556?
Cost @ 1/1/10 = $12
Dep. = $(1.2)
C.V @ 31/12/10 =$10.8
Revaluation Surplus. = $2.2
Revalued amt. @ 31/12/11 = $13
Dep. Year end. = $1.444
C.V @ 31/12/11 = $ 11.556
Revaluation decrease. = $3.556
Revalued amt. @ 31/12/12 = $8
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