The carrying value of property X is Tshs 120 million and of property Y, Tshs 160...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The carrying value of property X is Tshs 120 million and of property Y, Tshs 160 million. They are revalued at Tshs 100 million and Tshs 176 million respectively. On the previous revaluations, X's value was increased by Tshs 14 million (being the amount lying to the credit of revaluation surplus against this asset) and Y's value decreased by Tshs 10 million. Required: Show the accounting entries under the alternative assumptions that the properties are: 1) owner-occupied properties 2) investment properties The carrying value of property X is Tshs 120 million and of property Y, Tshs 160 million. They are revalued at Tshs 100 million and Tshs 176 million respectively. On the previous revaluations, X's value was increased by Tshs 14 million (being the amount lying to the credit of revaluation surplus against this asset) and Y's value decreased by Tshs 10 million. Required: Show the accounting entries under the alternative assumptions that the properties are: 1) owner-occupied properties 2) investment properties
Expert Answer:
Answer rating: 100% (QA)
Accounting entries for owneroccupied properties Assuming the properties are owneroccupied the accounting entries would be as follows For Property X In... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
China Petroleum and Chemical Corporation China Petroleum and Chemical Corporation (CPCC) is one of a growing number of Chinese companies that has cross-listed its stock on foreign stock exchanges. To...
-
The following draft statement of financial positions relate to Largo, a public limited company, Fusion, a public limited company and Spine, a public limited company, as at 30 November 20X3. The...
-
Presented below are excerpts from the 2018 annual report of Marstons PLC, a UK-based company that operates pubs. Property, plant and equipment Freehold and leasehold properties are initially stated...
-
print_list Favorite Language/Type: Author: Write a function named print_list that accepts a list of integers as a parameter and prints them, one per line, in the format shown. Your code should work...
-
What should Milliken recommend to Dave Rand? Consider short- as well as medium-to-longer term actions.
-
The following information relates to the December 31 adjustments for Kwik Print Company. The firm's fiscal year ends on December 31. 1. Weekly employee salaries for a five-day week total $ 1,800,...
-
On December 31, 2015, Launch Oil Companys unproved property account for leases that are not individually significant had a balance of \($800,000\). The impairment allowance account had a balance of...
-
Girard & Company, Certified Public Accountants, audited the financial statements included in the annual report submitted by PMG Enterprises, Inc., to the Securities and Exchange Commission (SEC). The...
-
Multiple Choice $106,409,425.46 $162,838,500.01 $172,533,302.83 $190,061,756.54 $184,346,999.56
-
The following information is available for the preparation of the governmentwide financial statements for the city of Southern Springs as of April 30, 2020: From the preceding information, prepare,...
-
Bradburn Corporation was formed 5 years ago through a public subscription of common stock. Daniel Brown, who owns 15% of the common stock, was one of the organizers of Bradburn and is its current...
-
Why is it important to maintain employee commitment and satisfaction to achieve established goals?
-
Ivanhoe Inc. had sales of $2,300,000 for the first quarter of 2022 (it sold 230,000 units). In making the sales, the company incurred the following costs and expenses. Variable Fixed Cost of goods...
-
In the Table below, the values found as a result of the sieving process of the A and B aggregates, which are made up of different groups, are given. Show whether the individual aggregates comply with...
-
Winnie Enterprises Ltd have an outstanding R1 000 par value bond, with 15 years to the maturity date. The bond pays a coupon at a rate of 6% per annum. Required: (i) (ii) (!!!) Calculate the value of...
-
Suppose that you are examining a company as a potential acquisition target. Your analyst did a DCF analysis, and you know that the company has a total (enterprise) value of $150 million. Your analyst...
-
1. State the two main phases in planning an audit and outline the main objective(s) of each. 2. When planning an audit, the auditor must consider: (i) the extent of audit procedures, (ii) the timi...
-
If the amplifier indicated by the box input impedance of oo, which of the following statements are true ? has an open loop gain as well as Feedback factor (\beta = 1/ R_1\) The feedback is voltage...
-
Portofino Company made purchases on account from three foreign suppliers on December 15, 2009, with payment made on January 15, 2010. Information related to these purchases is as follows: Portofino...
-
Which of the following items is normally translated the same way under both the current rate and temporal methods of translation? a. Inventory b. Equipment c. Sales revenue d. Depreciation expense
-
What is a group? Compare and contrast the different concepts of a group.
-
The following transactions occurred during 2018: a. Joyner Oil Company and Brown Oil Company jointly purchased a 2,000 acre lease in Oklahoma for \($60,000\). Joyner has a 60% WI, and Brown, a 40%...
-
Yale Oil Company owns the working interest in a small lease in Louisiana that has a 1/6 royalty interest. The royalty interest owner is Mr. Bell. Yale also owns the working interest in numerous...
-
Hays, Bush, and King signed a lease agreement with Big Pink, the owner of the mineral rights. Big Pink received a 1/7 royalty interest. The companies working interests are 50%, 30%, and 20%,...
Study smarter with the SolutionInn App