REVALUATION RESERVE

Normally the accounting entries for an upward revaluation is debit PPE and credit Revaluation Reserve, all in the balance sheet and no cash flow involved. But be careful, when revaluing accumulated depreciation and impairment being carried in the balance sheet is to be eliminated.

Also - if the revaluation is the reversal of a past impairment of the same asset which had been charged to the"provision of service" in the I and E account (or what ever you call that account), then the gain, or part of the gain up to the impairment previously charged, is credited to "provision of service", net of depreciation if the impairment had not been charged.

If its the first revaluation - yes. But its worth ensuring that accumulated depreciation has been properly eliminated (as this will impact on future depreciation calculations) and records have to be kept of revaluations for each asset so that any future revaluations and impairments can be properly accounted for.