Question
Entity R measures its non-current assets using the revaluation model. At 30 June 20x2, Entity R purchased a property for R100 000. The property was
Entity R measures its non-current assets using the revaluation model. At 30 June 20x2, Entity R purchased a property for R100 000.
The property was revalued at 30 June 20x6 to R250 000.
The latest valuation report, dated 30 June 20x8,
values the building at R95 000.
Entity R has adjusted the building shown in non-current assets at 30 June 20x8. Calculate the debit entry in Entity Rs financial statements for the year ended 30 June 20x8. (5)
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Sound Investing, Chapter 24 - The Auditors??? Opinion
Authors: Kate Mooney
2nd Edition
0071719466, 9780071719469
