Accounting for fully depreciated assets that were later revalued.Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Accounting for fully depreciated assets that were later revalued.This topic has 1 reply, 2 voices, and was last updated 4 years ago by John Moffat.Viewing 2 posts - 1 through 2 (of 2 total)AuthorPosts July 10, 2020 at 6:23 am #576476 collinsParticipantTopics: 15Replies: 2☆What are the Accounting entries when original cost of an asset is $ 1,600. Asset is fully depreciated. Revaluation is done (policy allows) and new book value is $ 800. July 10, 2020 at 8:43 am #576492 John MoffatKeymasterTopics: 57Replies: 54628☆☆☆☆☆They are the same entries as for any revaluation (as explained in my free lectures).Dr Revaluation account Cr Asset account With 800, to reduce the cost to the revalued amountDr Accumulated depreciation Cr Revaluation account With 1,600, to remove the accumulated depreciation.The balance of 800 on the revaluation account is the surplus on revaluation which is transferred to the Revaluation Reserve.AuthorPostsViewing 2 posts - 1 through 2 (of 2 total)You must be logged in to reply to this topic.Log In Username: Password: Keep me signed in Log In