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John Moffat.
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alikhakar
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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 ?
John Moffat
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The balance on the revaluation reserve is transferred to retained earnings.
alikhakar
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