Practice mode Accounting

To which account can the revaluation reserve relating to an asset that has been sold or retired be transferred?

Correct answer D. Capital Reserve A/c

Explanation

Once the revalued asset is disposed of, the surplus is a realised capital profit that is not available as ordinary trading income, so it is moved to the capital reserve.

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To which account can the revaluation reserve relating to an asset that has been sold or retired be transferred?

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To which account can the revaluation reserve relating to an asset that has been sold or retired be transferred?

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