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P2-D2.
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dev1210
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Why is the journal entry for assets is sometimes
Dr Asset with Revaluation – Cost
Dr Accumulated Depreciation
Cr Revaluation surplusand other times Asset figure is the balancing figure?
Dr Assets (balacing figure)
Dr Accumulated Depreciation
Cr Revaluation surplus
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
dev1210
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