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    AnaBee's Avatar
    AnaBee Posts: 2, Reputation: 1
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    #1

    Dec 31, 2007, 03:20 PM
    Land Revaluation-Where do i place it?
    When Land is revalued

    say you have 850,000 land at cost and it is revalued to 750,000 = loss of 100,000

    where exactly on the baalnce sheet would you record that and which number do you record?

    would the loss off 100,000 be written down as 'revaluation reserve' under equity?

    please please help! :)
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Dec 31, 2007, 06:49 PM
    No.

    Land is kept at historical cost.

    It would remain at 850,000

    You can include a note to the financial statements about the 100,000 loss though.
    AnaBee's Avatar
    AnaBee Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Jan 1, 2008, 04:00 AM
    Oh OK. So even if it has been revalued and has made a loss, you don't record the loss? :confused: Will that affect the accounts balancing?

    by the way I'm doing this in uk not america or canada
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