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why we have to reverse the journal entries after
Revaluation?is it mandatory if why?
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Answer / haresh
Yes, it is mandatory to reverse the revaluation journals in
the following month.
Revaluation is done for computing the unrealised gain or
loss for the month-end at the time of the preparation of
the financial statements, inorder to depict a correct
picture of the current assets and current liabilities.
After the financial statements are generated the
revaluation journals need to be reversed as the gain is
unrealised. On realisation, the gain or loss will be
autoamtically computed by the system. If the revaluation
journals are not reversed, then it would lead to
duplication.
| Is This Answer Correct ? | 13 Yes | 2 No |
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