I need to reverse an entry which was made to expense an expenditure and make another entry to capitalize the same expenditure.

Just credit it back out of the expense where you put it and debit it into the asset account you want.

At the time you spent
Expenditure a/c dr
To Cash/bank a/c
(being spent)
While reversing the entry
Party a/c dr
To Expenditure a/c
(Being expenses debited to party)