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Assume that an asset that had been remeasured (revalued) through a proforma journal at acquisition on 1 January 2022 is subsequently sold during the year
Assume that an asset that had been remeasured (revalued) through a proforma journal at acquisition on 1 January 2022 is subsequently sold during the year ended 31 december 2022. Assuming that the we are now preparing the consolidated financial statements for the 2024 financial year, what account will we debit to correct for the overstatement of the profit on disposal of that asset. Question 7Select one: a. Profit on Disposal (P/L) b. Equity at acquisition c. Retained earnings (SFP) d. Revaluation Surplus (SFP)
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