When the going concern concept is no longer applicable, the fixed assets are recorded at their

  • A net book value
  • B realizable value
  • C gross value
  • D revalued amount

The correct answer is D. revalued amount

When an asset is sold that has previously been revalued, the revaluation within the carrying value is debited to the Revaluation Reserve. When assets are revalued, every Balance Sheet shall show for a specified period of years, the amount of increase/decrease made in respect of each class of assets.

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