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Ias 16 – Revaluation

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Ias 16 – Revaluation

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by P2-D2.
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  • Author
    Posts
  • May 18, 2021 at 8:00 pm #620973
    dev1210
    • Topics: 1
    • Replies: 0
    • ☆

    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
    Keymaster
    • Topics: 4
    • Replies: 6158
    • ☆☆☆☆☆

    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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