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SSC Audit Tax Finance P-II QUESTION #6226
Question 1
Under Section 235, where should the 'Surplus on Revaluation of Fixed Assets' be shown on the Balance Sheet?
  • As part of Current Liabilities
  • After Capital and Reserves✔️
  • Under Other Income in the Profit and Loss account
  • As a deduction from Tangible Assets
Correct Answer Explanation
Section 235 requires that the surplus on revaluation be shown in the balance sheet after capital and reserves.