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Phill Grover
#1 Posted : 14/02/2019
Joined: 2/24/2018(UTC)
Posts: 7
Organisation: Devon and Somerset Fire and Rescue Service

Having a bit of an issue with valuations and wondered if anyone else has to deal with this.

We revalue at 31st March. If for example we have an asset with GBV of £50 and accumulated depreciation of £10 which is revalued to £45 I'm not sure what to do!

We have to reverse the acc. depn. so the SOA note will show £10 depreciation w/out to RR but that leaves the asset and RR overstated.

So do I have to show the £5 adjustment required to the RR and asset as a revaluation decrease on the SOA. I need to show it somewhere to net off the reversed depn. but not sure where/how.

Any thoughts gratefully received.
BR
#2 Posted : 15/02/2019
Joined: 2/24/2018(UTC)
Posts: 7

CR Non current assets (5.00)
DR Accumulated depreciation £10.00
CR Revaluation reserve (£5.00)
Phill Grover
#3 Posted : 25/02/2019
Joined: 2/24/2018(UTC)
Posts: 7
Organisation: Devon and Somerset Fire and Rescue Service

Thanks, got the debits and credits, just not sure how to present in SOA. Got to show depreciation written out on revaluation but where to show the £5 difference? Revaluation decrease under "Cost or Valuation" just doesn't feel right:

Cost or valuation

Revaluation decrease (?) £5

Accumulated Depreciation

Depn written out to the Revaluation Reserve £10

But are there any other options?

Ta,
Phill
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