Page 11 - L N (change in psr)

To Revaluation A/c

ii. Decrease in the value of an asset:

Revaluation A/c …Dr.

To Asset A/c (Individually)

iii. Increase in the amount of a liability:

Revaluation A/c ...Dr.

To Liability A/c (Individually)

iv. Decrease in the amount of a liability:

Liability A/c (Individually) …Dr.

To Revaluation A/c

v. Recording an unrecorded asset:

Unrecorded Asset A/c …Dr.

To Revaluation A/c

vi. Recording an unrecorded liability:

Revaluation A/c …Dr.

To Unrecorded Liability A/c

Transfer of Balance in Revaluation Account:

a. In case of gain in Revaluation Account:

Revaluation A/c …Dr. (Individually in old profit sharing ratio)

To Partners’ Capital (or Current) A/cs