Answer / Laxmi Chauhan

Asset Revaluation Journal Entries:nnUpon Asset Value Increase:
1. Debit Re-valuation Reserve Account: This account is created for recording the difference between the carrying amount and revalued amount.
2. Credit Asset (Fixed Asset): To record the new revalued amount.nnUpon Asset Value Decrease:
1. Debit Asset (Fixed Asset): To record the decrease in the value of the asset.
2. Credit Re-valuation Reserve Account: To reverse the previous credit made to the Re-valuation Reserve Account.

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