Question

A company revalued its land upward by ₹30 lakh during the year. It has not previously recorded any impairment or downward revaluation for this asset. How should this gain be accounted for in the financial statements as per Ind-AS 16?

A Directly credited to Profit & Loss
B Deferred to future years
C Credited to Other Comprehensive Income and Revaluation Reserve
D Shown under Capital Reserve
E Transferred to Retained Earnings
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