plz solve!! Which among the following statement/s are correct?Statement No1: If a revaluation result shows an increase in value, it should be credited to other comprehensiveincome statement.Statement No - 2: If a revaluation result shows a decrease in value, it should be debited to income statement.Önly statement No 2 is correct.Only statement No 1 is correct.Both statements are correctNone of the statements are correct.

If there is a revaluation surplus, it should be credited to other comprehensive income statement. If…

Answered: revaluation result

Business

Accounting

revaluation result

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Real Estate

Real estate means ownership of land along with the assets and natural resources that exist on the land. These properties are in real/physical form which is tangible. Real estate simply means land or addition made to land permanently like constructing a residence or different buildings. People invest in real estate to either reside or for wealth creation. Many people investing in real estate further lend the place for occupation or businesses in return for a monthly payment.

Question

plz solve!!

Which among the following statement/s are correct?
Statement No
1: If a revaluation result shows an increase in value, it should be credited to other comprehensive
income statement.
Statement No - 2: If a revaluation result shows a decrease in value, it should be debited to income statement.
Önly statement No 2 is correct.
Only statement No 1 is correct.
Both statements are correct
None of the statements are correct.

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