accounting for downward or upward revaluation

when you revalued the asset for 1st time it was downward reveluation so you should debit the P&L A/c by the amount of revaluation.

Then after 1 year you want to revalue it upward so you should credit P&L A/c because the previous downward revaluation was accounted through P&L A/c.

HMMMMM.............. M NOT SURE BUT ACCORDING TO ME MR. KETAN IS ABSOLUTELY WRONG, HOW CAN ANYBODY SHOW REVALUATION LOSS IN P&L A/C , IF ALLOWED IT WILL BE A BIG SOURCE TO DECREASE UR PROFITS BY DOING THIS EVERY YEAR.

AS PER AS 10 FIXED ASSETS WE CANT SHOW REVALUATION OF ASSETS IN P& L A/C WE HAVE TO CREATE REVALUATION RESERVE A/C AND IT SHOULD BE DISCLOSED IN BALANCE SHEET.........

In accordance with AS 10 Mr ketan is very correct