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Asset was revalued after 2 years – from 6000(CV) to 12000(revaluation) (Historical cost of this asset was 10000, Depreciation charge for the year 2000)
why carrying amount is in DR ? I copied this example from the book and the book also says that we have to Debit Cost (10000+2000) not Carrying amount (6000+2000)DEBIT Accumulated depreciation $4,000
DEBIT Carrying amount $2,000
CREDIT Other comprehensive income (revaluation surplus) $6,000DEBIT Accumulated depreciation $4,000
DEBIT Carrying amount $2,000 – (not sure, I think instead of Carryin amount it should be COST)
CREDIT Other comprehensive income (revaluation surplus) $6,000
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