The Balance Sheet of Brown Ltd at 31 December 2012 $\begin{array}{ll}&\$\\\text { Plant } & 50,000 \\\text { Accumulated Depreciation-Plant } & 30,000\\&20,000\end{array}$

Short Answer

The balance sheet of Brown Ltd at 31 December 2012 shows the following: $\begin{array}{ll}&\$\\\text { Plant } & 50,000 \\\text { Accumulated Depreciation-Plant } & 30,000\\&20,000\end{array}$ On 1 January 2013,based on a valuer's estimate of fair value,it was decided to revalue the plant to $35 000.This was the first time the asset had been revalued.
The journal entry to record the revaluation is: a. Accumulated Depreciation-Plant $\quad$ 30,000
$\quad$ Plant $\quad$$\quad$ 15,000
$\quad$ Gain on revaluation Plant $\quad$ 15,000
b. Plant $\quad$ 15,000
$\quad$ Gain on revaluation plant $\quad$ 15,000
c. Expense on Revaluation of Plant $\quad$ 15,000
$\quad$ Plant $\quad$$\quad$ 15,000
d. Plant $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ 15,000
$\quad$ Expense on Revaluation of Plant $\quad$ 15,000
$\quad$ Accumulated Depreciation-Plant $\quad$ 30,000