Revaluation reserve is a balance sheet item in the capital section.
When you revalue your fixed assets such as buildings then you will increase the value of the asset by the difference between the current value and the new value. You will then increase the revaluation reserve with the same difference.
The journals would be to:
D ASSET (Balance Sheet)
C Revauluation Reserve (Balance Sheet)
This is if there has been an increase in the asset value and do the opposite if decrease in value.
Edited at 04 Apr 2017 08:35 AM GMT