Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

IAS 16 property, plant and equipment 6) The land and building were revalued on January 1,2021 for 1,500,000, of which 900,000 belongs to the land.

IAS 16 property, plant and equipment
image text in transcribed
6) The land and building were revalued on January 1,2021 for 1,500,000, of which 900,000 belongs to the land. The revaluation was carried out by an independent appraiser. 7) The useful economic life of the buildings has not changed. The buildings were bought 10 years ago 8) Annual depreciation rates are as follows: \begin{tabular}{ll} \hline Bulding & 2% per linear year \\ \hline Machinery installations & 20% per linear year \\ \hline \end{tabular} Required: Prepare extract from statement of financial position for AAMs for 2021. Show all calculations. 6) The land and building were revalued on January 1,2021 for 1,500,000, of which 900,000 belongs to the land. The revaluation was carried out by an independent appraiser. 7) The useful economic life of the buildings has not changed. The buildings were bought 10 years ago 8) Annual depreciation rates are as follows: \begin{tabular}{ll} \hline Bulding & 2% per linear year \\ \hline Machinery installations & 20% per linear year \\ \hline \end{tabular} Required: Prepare extract from statement of financial position for AAMs for 2021. Show all calculations

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

A Textbook Of Cost And Management Accounting

Authors: M N Arora

11th Edition

9390470501, 978-9390470501

More Books

Students also viewed these Accounting questions

Question

=+What is your personal mission statement?

Answered: 1 week ago