Calculate the value of revaluation surplus and pass journal, Accounting Basics

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Calculate the value of revaluation surplus and pass journal

Corvette the leading car manufacturingcompany acquired a machine for Rs.125,000 on Jan 1, 2004: estimatedlife was 8 years. Depreciation is charged on straight line method.On Jan 1, 2009: the machine was revalued at Rs.70,000.Apart fromrecording revaluation entry, no other entries have beenpassed

Required:

1. Calculate the value of depreciation expense and pass journal entryin accordance with IAS-16

2. Calculate the value of revaluation surplus and pass journal entryin accordance with IAS-16

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Accounting Basics: Calculate the value of revaluation surplus and pass journal

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Accounting Basics: Calculate the value of revaluation surplus and pass journal

Reference No:- TGS0723383

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Accounting Basics: Calculate the value of revaluation surplus and pass journal

Reference No:- TGS0723383

Recent Questions Asked Accounting Basics

Q : What is the maximum heigh about the ground

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Q : Calculate the value of revaluation surplus and pass journal

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