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Revaluation surplus

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Revaluation surplus

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by John Moffat.
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  • March 11, 2018 at 2:44 pm #442202
    alikhakar
    Participant
    • Topics: 187
    • Replies: 79
    • ☆☆☆

    If a non current asset is revalued upwards (but not sold) then it is shown as comprehensive income in SOPL and by revalued amount in balance sheet and on the other side revaluation surplus is created in financial statement.
    My question is.. what happens if an asset is sold when it is revalued. does the profit on revaluation is added to total equity ?

    March 11, 2018 at 5:34 pm #442224
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    The balance on the revaluation reserve is transferred to retained earnings.

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