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Apr 17
The format of a revaluation account typically includes the following sections:
1. Opening balance: This section shows the balance of the asset or liability being revalued at the beginning of the accounting period.
2. Revaluation adjustment: This section shows the adjustment made to the value of the asset or liability based on the revaluation.
3. Closing balance: This section shows the revised balance of the asset or liability after the revaluation adjustment has been made.
4. Accumulated revaluation reserve: This section shows the total amount of revaluation adjustments made over time, which is typically recorded as a separate line item on the balance sheet.
Overall, the format of a revaluation account is designed to provide a clear and transparent record of any changes made to the value of an asset or liability due to revaluation.
1. Opening balance: This section shows the balance of the asset or liability being revalued at the beginning of the accounting period.
2. Revaluation adjustment: This section shows the adjustment made to the value of the asset or liability based on the revaluation.
3. Closing balance: This section shows the revised balance of the asset or liability after the revaluation adjustment has been made.
4. Accumulated revaluation reserve: This section shows the total amount of revaluation adjustments made over time, which is typically recorded as a separate line item on the balance sheet.
Overall, the format of a revaluation account is designed to provide a clear and transparent record of any changes made to the value of an asset or liability due to revaluation.
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