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?Solution
Revaluation gain is recorded in OCI and accumulated under revaluation reserve as per Ind-AS 16 unless it reverses a prior revaluation loss.
What is 'Judima'?
Which of the following is used for measuring the rate of transpiration?
Which plant tissue is responsible for making the plant hard and stiff?
Which of the following is not classified as a Bio-fertilizer?
Which phylum does the genus 'Fasciola', known as liver flukes, belong to?
Which one is an Anticoagulant Substance in the blood?
What is the name of India's first oral contraceptive pill developed by Dr. Nitya Anand?
Name a reproductive strategy in which parasites take advantage of the care of other individuals of the same species or different species to raise their ...
Fermentation is a
Which vitamin is also referred to as Tocopherol?
