debit asset and credit asset revaluation
Debit Asset accountCredit retained earnings
debit donationcredit fixed asset
write up the entries required in revaluation account?
Land is not a current asset and if recorded as current asset then no entry required to re-classify as fixed asset.
debit accumulated depreciationcredit asset
Debit depreciation expenseCredit asset account
debit assetscredit cash / bank
debit asset credit bank
debit loss of assetscredit fixed asset account
[Debit] Asset Account xxxx [Credit] Cash / bank account xxxx
Debit assetsCredit accounts payable
[Debit] Depreciation account [Credit] Asset account