Revaluations Flashcards
1
Q
What is the journal for a revaluation that increase the value of the asset?
A
Dr Asset
Dr Accumulated Depreciation
Cr Revaluation surplus
2
Q
What is the double entry for a revaluation loss when there has already been an increase in value?
A
Dr Revaluation surplus (up to balance in surplus)
Dr Profit or loss (with an excess amount in revaluation
Dr Accumulated depreciation
Cr Non current asset
3
Q
What is the double entry for an revaluation loss when there has not been a previous increase?
A
Dr Profit or loss
Dr Accumulated depreciation
Cr Non current asset cost
