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Hello sir I am bit confused how we treat leasehold property revaluation deficit aren’t we suppose to take deficit or surplus to OTC in profit and loss statement
If that same property has been the subject of an earlier upwards revaluation, then this subsequent revaluation deficit will be debited to the Revaluation Reserve in so far as the balance in that reserve matches the downwards revaluation
Any excess over the relevant figure in the Revaluation Reserve will be debited to other comprehensive income
OK?
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