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Revaluation downwards

PPhuong10y ago
Dear Sir, When a non-current asset is revalued downwards, we debit the revaluation surplus a/c. I am wondering whether the Revaluation Surplus a/c can have debit balance and if yes when we come to prepare the Statement of Financial Position, will the balance be shown in brackets? Thank you!
John MoffatJohn MoffatTutor10y ago#1
In Paper F3 we won't revalue downwards (we are effectively doing that anyway when we depreciate).
PPhuong10y ago#2
Thank you, Sir!
John MoffatJohn MoffatTutor10y ago#3
You are welcome :-)
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