Accounting for IGCSE & O level - Accounting Procedures (Section 11 - No. 26)
Which of the following is the journal entry to record an asset revaluation that increases the value of the asset?
Debit Accumulated Depreciation, Credit Revaluation Surplus
Debit Asset, Credit Accumulated Depreciation
Debit Revaluation Surplus, Credit Asset
Debit Asset, Credit Revaluation Surplus
Explanation
When revaluing an asset up, the asset account is debited to increase its value and revaluation surplus is credited.
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