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What is the journal entry for the revaluation of assets in a partnership?
What is the journal entry for the revaluation of assets in a partnership?
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Practice Questions
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Q1
What is the journal entry for the revaluation of assets in a partnership?
Debit Asset Account, Credit Revaluation Surplus
Debit Revaluation Surplus, Credit Asset Account
Debit Asset Account, Credit Capital Accounts
Debit Capital Accounts, Credit Asset Account
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The correct entry is to debit the Asset Account for the increase in value and credit the Revaluation Surplus.
Questions & Step-by-step Solutions
1 item
Q
Q: What is the journal entry for the revaluation of assets in a partnership?
Solution:
The correct entry is to debit the Asset Account for the increase in value and credit the Revaluation Surplus.
Steps: 5
Show Steps
Step 1: Identify the asset that has increased in value.
Step 2: Determine the amount of the increase in value of the asset.
Step 3: Create a journal entry to reflect this increase.
Step 4: Debit the Asset Account for the amount of the increase.
Step 5: Credit the Revaluation Surplus for the same amount.
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