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What will be the entry of "out of insurance which was debited to the profit & loss A/c, Rs. 1500 be carried forward as unexpired insurance." in revaluation A/c??? also tell me the reason ...........

Rs.1,500 will be recorded at the credit side of revaluation A/c i.e. "By insurance premium" & it will also be shown in the assets side of Balance sheet. By this way dual entry system will be satisfied. 

Reason for doing so:-

Actually this insurance is not expired its an unexpired insurance which was wrongly debited to the P&L A/c hence now it will ibe claimed & be recieved. 

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unexpired ins.  dr.    1500

to revaluation                           1500

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Unexpired insurance/prepaid insurance a/c   dr. 1500

                                                             To revalution          1500

reason ;

              In the p&l a/c expenes are debited  to the extent  benefit obtained whether paid or not. In the above question prepaid insurance (benefit of which is to be obtained in the future )wrongly debited to the P&L a/c so we nullify the effect by passing the above entry. 

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