Journal (assuming revalued amount is greater than original cost): Dr Non-current assets cost/valuation (revalued amount – cost) Dr Accumulated depreciation (eliminate accumulated balance) Cr Other Comprehensive Income (revaluation surplus)
Sir to reverse the accumulated deprn should not we be crediting it? Because every time deprn is charged the entry is Dr. deprn for current yr Cr. cost of asset. So the deprn would have accumulated as debit, and thus to reverse we should be crediting the accumulated deprn acc!!