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Revaluation surplus

This topic has 1 reply, 2 voices, and was last updated 7 years ago by John Moffat.

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March 16, 2018 at 3:30 pm #442801
alikhakar
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In lecture notes chapter 7 it is written that any downward revaluation should be written off in SOPL . Why we don’t debit revaluation surplus account and is it right to do so in case of downward revaluation?
March 17, 2018 at 2:42 pm #442855
John Moffat
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Yes, but only if it was a downward revaluation of something that had previously been revalued upwards.
The note is referring to revaluing something downward from its original cost, which is effectively the same as depreciation.
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