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Hi,
what is the difference between gain and revaluation reserve because in the journal entries you are using the value computed for the gain to credit the revaluation reserve account? shouldn’t the rserve value be $ 25412 instead of $26000
Thanks
Hi,
The gain is what arises in the year, the revaluation reserve is all the cumulative gains that have been stored up over time. The gain this year will be added to the opening reserve figure to get the closing figure.
I’m not too sure where you get your numbers from, so can’t really help on that one, sorry.
Thanks
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