Revaluation Reserve on TB

Clarekaye
Clarekaye Trusted RegularRegistered Posts: 307
Afternoon,

Just come across a question and I am a little stuck, I know how to deal with a revaluation reserve in the year your doing but what if there is £8000 on the trial balance before you start doing anything?
Do you take it off the land or off something else and do you include it in the statement of changes in equity or only include the one in the year?

Thanks!

Comments

  • Bluewednesday
    Bluewednesday Font Of All Knowledge Registered Posts: 1,624
    A brought forward revaluation reserve has come from previous revaluations so you would just add (or take away) the revaluation amount of the current year. You would include it as a brought forward balance in the SOCIE.
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