Ias 16 – Revaluation

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May 18, 2021 at 8:00 pm #620973
dev1210
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Why is the journal entry for assets is sometimes

Dr Asset with Revaluation – Cost
Dr Accumulated Depreciation
Cr Revaluation surplus

and other times Asset figure is the balancing figure?

Dr Assets (balacing figure)
Dr Accumulated Depreciation
Cr Revaluation surplus
May 19, 2021 at 10:03 pm #621124
P2-D2
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Hi,

It all depends on what information is given in the question but you usually see the first method being used most commonly.

Thanks
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