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A plant with original cost of 5000000 was revalued after 2 years resulting in credit to revaluation surplus account of 400000. Towards the year end of 2019 to 2020 dur to COVID19 the plan value had gone down by 50000. What shall be the impact of this downwards revaluation on the profit or loss account

Balachandar S

Balachandar S

CA Inter

★ 59K+

07-Aug-21 13:22

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Balachandar S

Balachandar S

CA Inter

★ 59K+

07-Aug-21 13:22

When there is a revaluation surplus balance any downward revaluation which happens at a later date will be first adjusted with that revaluation surplus and the remaining amount if any will be charged to profit and loss a/c

roshini reddy

roshini reddy

CA Inter

★ 1K+

07-Aug-21 13:47

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