Say I own a silver mine and I run into gold. How would I record this in my t accounts using the credit debit. What would I credit and debit?

Sorry about the double post but I was not able to get the password for my original E-mail so I could not go in and adjust. Anyhow, this is the same question with my input, of how it would work. Help me out, point me in the right direction etc.

Q: Say I own a silver mine and I run into gold. How would I record this in my t accounts using the credit debit. What would I credit and debit?

I was thinking that you would just take the estimated value of the gold and just deduct it from your initial estimated value of silver that was written down. Or would you just wait until next year to include gold estimate too?

I merged the two posts into one thread to avoid confusion. (I just wish I could change the order around, but it goes by the time stamp.)

I don't actually know the answer to your question, however, so you'll have to wait for someone else. However, I did just want to point out that you are not going to "deduct" gold from silver. Gold is worth just a wee bit more. If it was a downgrade I'd know better what to do with it, but not sure what to do with an upgrade.