QUESTION 3 TIA Bhd paid RM9,000,000 on 1 January 2016 to purchase a building for capital appreciation. The fair value of the building on 31 December 2016 and 31 December 2017 were RM16,000,000 and RM11,000,000, respectively. On 30 June 2018, TIA Bhd decided to use this building as an administrative office. The remaining useful life of the office building on 30 June 2018 is 8 years. The fair value of the building on 30 June 2018 was RM14,000,000. However, due to financial problem, TIA Bhd sold this building on 30 June 2019 for RM15,500,000. TIA Bhd adopted fair value model for investment property and revaluation model for owner occupied property. The straight-line method has been used by TIA Bhd to calculate depreciation for the fixed asset. TIA Bhd closes its account on 31 December every year. REQUIRED: (a) (b) Prepare all journal entries for the year 2016, 2017, 2018 and 2019. Explain the accounting treatment for the derecognition of investment property.

QUESTION 3 TIA Bhd paid RM9,000,000 on 1 January 2016 to purchase a building for capital appreciation. The fair value of the building on 31 December 2016 and 31 December 2017 were RM16,000,000 and RM11,000,000, respectively. On 30 June 2018, TIA Bhd decided to use this building as an administrative office. The remaining useful life of the office building on 30 June 2018 is 8 years. The fair value of the building on 30 June 2018 was RM14,000,000. However, due to financial problem, TIA Bhd sold this building on 30 June 2019 for RM15,500,000. TIA Bhd adopted fair value model for investment property and revaluation model for owner occupied property. The straight-line method has been used by TIA Bhd to calculate depreciation for the fixed asset. TIA Bhd closes its account on 31 December every year. REQUIRED: (a) (b) Prepare all journal entries for the year 2016, 2017, 2018 and 2019. Explain the accounting treatment for the derecognition of investment property.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter10: Financial Statements And Reports

Section: Chapter Questions

Problem 2.3C

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