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Example:- A piece of land in an industrial estate purchased in January 2000 for $1,000,000 dollars. The journal entry in January 2000, and the journal entry in December 2009. The land has been valued at $1,800,000 in December 2009. 1) DEBIT Land Account $1,000,000 CREDIT Bank Account $1,000,000 A piece of Industrial Land purchased for eventually building a factory. 2) DEBIT Land Account $800,000 CREDIT Revaluation Reserve A/c $800,000 Being the revaluation of land in December 2009.as per revaluation certificate obtained from valuer. |
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