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What is the journal entry for the revaluation of assets in a partnership?

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Question: What is the journal entry for the revaluation of assets in a partnership?

Options:

  1. Debit Asset Account, Credit Revaluation Surplus
  2. Debit Revaluation Surplus, Credit Asset Account
  3. Debit Asset Account, Credit Capital Accounts
  4. Debit Capital Accounts, Credit Asset Account

Correct Answer: Debit Asset Account, Credit Revaluation Surplus

Solution: 

The correct entry is to debit the Asset Account for the increase in value and credit the Revaluation Surplus.

What is the journal entry for the revaluation of assets in a partnership?

Practice Questions

Q1
What is the journal entry for the revaluation of assets in a partnership?
  1. Debit Asset Account, Credit Revaluation Surplus
  2. Debit Revaluation Surplus, Credit Asset Account
  3. Debit Asset Account, Credit Capital Accounts
  4. Debit Capital Accounts, Credit Asset Account

Questions & Step-by-Step Solutions

What is the journal entry for the revaluation of assets in a partnership?
  • 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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