Revaluation of fixed assets is the process of increasing or decreasing their carrying value in case of major changes in fair market value of the fixed asset.
Question A:-
Non-depreciable assets
Assets that have characteristics of a fixed asset, but cannot be depreciated. Generally, these assets include:
- Property placed in service and disposed of in the same taxable year
- Tangible property including land, inventory, rented property, and term interest in property
- Intangible property including goodwill, trademarks, and trade names
Question B:-
Reversal of Revaluation
A revaluation loss is charged to profit and loss account in the period in which the revaluation is carried out, however a revaluation decrease should be charged directly against any related revaluation surplus to the extent that the decrease does not exceed the amount held in surplus in respect of the same asset
On Wed, Jan 23, 2013 at 9:28 PM, javed iqbal <ijaved666@gmail.com> wrote:
Please send me GDB MGT-101 Solution
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