Required: Show the journal entries to record the surplus or deficit on revaluation for the year ended 31 December 2015 and 2016. Show the extract of the statement of profit or loss and other comprehensive income for the year ended 31 December 2015 and 2016.
Required: Show the journal entries to record the surplus or deficit on revaluation for the year ended 31 December 2015 and 2016. Show the extract of the statement of profit or loss and other comprehensive income for the year ended 31 December 2015 and 2016.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter1: Accounting As A Form Of Communication
Section: Chapter Questions
Problem 1.16MCE
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Question 1
Focus Eye Bhd has adopted the revaluation model and the following information is related to its freehold land.
|
Cost as at 31 Dec 2015 |
Fair value as at 31 Dec 2015 |
Fair Value as at 31 Dec 2016 |
Freehold land X |
RM1,000,000 |
RM1,200,000 |
RM900,000 |
Freehold Land Y |
RM1,100,000 |
RM800,000 |
RM1,200,000 |
Required:
- Show the
journal entries to record the surplus or deficit on revaluation for the year ended 31 December 2015 and 2016. - Show the extract of the statement of profit or loss and other comprehensive income for the year ended 31 December 2015 and 2016.
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