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No
In the case of increasing the market value of assets
We increase the book value of assets in cases of re-evaluation only
So in normal cases we do not record the increases
The generally accepted rule in the valuation of asset is to record them at cost. There should be no journal entry in the books until the asset has been sold to recognize gain or loss.
However, we record the event through a memorandum entry and not by debiting and crediting any accounts. For instance during the current year there was a major valuation and in the succeeding years there was a set back again the value in the books of accounts should not be affected by these trends so it is more advisable and acceptable in practice to record these events thru an entry in the journal as a "Memorandum".
Revalued at fair value in the books
Mr .Adnan Karim
good answer
It depents on your accounting policies if the company use cost module then their is no need for to record it ,and if the company use revaluation module then it can reveule the asset and should record the impact of this transaction in books of accounts.
if valuation of assets increase (material) we can record the as credit as "Revaluation of Assets"
