Pass the journal entry for increase in the value of assets or decrease

1.	Pass the journal entry for increase in the value of assets or decrease in the value of liabilities in the Revaluation A/c?
Answer» 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)

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

Answer»

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)