I Have one ship value $800,000/- as on 31-12-2011 against this asset I have revaluation reserve amounting $200,000/- for revaluation done in prior years.
This Vessel sold on 01-01-2012 for $700,000/-. What is the entry to be passed & is loss on sale of asset can be adjusted againt revaluation reserve instead of effecting in P & L
Please advise