Hi, I am quite confused about what happens to the revaluation reserve after an asset is sold.
Assuming the asset's original cost was $100, and afterwards get revalued to$150.
Accounting entry - Dr Asset $50, Cr Revaluation Reserve$50

When the company sells the asset for $180, the treament is to: Dr Cash$180, Cr Asset $150, with a Gain on disposal of$30 shown in the P&L.
Then what happens to the Revaluation Reserve?