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Greetings Mike,
With reference to questions Candel / Highwood, for non current assets,
After taking away accumulation depreciation, We do current year depriciation and then revaluation OR the other way round.
I think before doing revaluation all the depreciation upto the date of revaluation s/b taken away. ( includes current year depreciation) Is that correct.
Candel non current assets calculation does it correct way.(revaluation at the end of the year)
In Highwood question, its the other way round. ( highwood revaluation was done in the beginning of the year.)Many Thanks
“I think before doing revaluation all the depreciation upto the date of revaluation s/b taken away”
Correct, but you need to be VERY careful about the dates – you’re only charging depreciation from the date of the last year end up to the date of the revaluation and that is possibly NOT the year ned date
Equally, if revaluation is on the first day of the accounting period, then we do the revaluation first and then do the depreciation for this year
Dates are crucially important … rtfq
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