📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!
  • google app store apple app store
    • ✖

      Question

      Under Ind AS, when an entity adopts revaluation model for property, plant & equipment:

      A Revaluation surplus is recognised in profit & loss directly Correct Answer Incorrect Answer
      B Revaluation surplus is credited to revaluation reserve in equity unless reversing prior deficit charged to P&L Correct Answer Incorrect Answer
      C Revaluation always goes to reserves and never to P&L Correct Answer Incorrect Answer
      D Revaluation is prohibited under Ind AS Correct Answer Incorrect Answer
      E Revaluation surplus reduces retained earnings Correct Answer Incorrect Answer

      Solution

      Gains on revaluation usually go to OCI and revaluation reserve unless reversing previous loss recognised in P&L.

      Practice Next
      More Accounts Questions
      ask-question