Pass the journal entry for increase in the value of assets or decrease in the value of liabilities in the Revaluation A/c?


Ans         Assets A/c    Dr.    (with the amount of increase)
               Liabilities A/c     Dr.    (with the amount of decrease)
                      To Revaluation A/c   (with the total amount of gain)
                      (Being revaluation of assets and liabilities)

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