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T account
05-01-2009, 04:30 AM
Post: #1
T account
Hi, I got a open book uni exam tomorrow, I have revised 95 percent and prepared 95 percent of my notes. However, I just realised one was missing while revising, I must have lost it.

when a revaluation of a asset is done, if a asset is devalued it is charged as a expense unless it has previously been revalued

if it is increased is put in the T account under revaluation surplus on the credit side- <b>which T account is debited for the double entry system to work?</b>
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05-03-2009, 04:32 AM
Post: #2
 
Asset account is debited and revaluation account is credited.
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