Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If a non - current asset was revalued at the end of the financial year to 7 0 0 , 0 0 0 . The

If a non-current asset was revalued at the end of the financial year to 700,000. The assets net book value prior to revaluation is 400,000 and its original acquisition cost is 1,000,000.Which of the following is correct?Question 2 Answera.Dr non-current asset 300,000Dr revaluation reserve 300,000Cr accumulated depreciation 600,000b.Dr accumulated depreciation 300,000Cr non-current asset 300,000c.Dr accumulated depreciation 600,000Cr non-current asset 300,000Cr revaluation reserve 300,000d.Dr accumulated depreciation 300,000Cr revaluation reserve 300,000Clear my choice

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

Management Accounting For Business Decisions

Authors: Colin Drury

2nd Edition

1861527705, 978-1861527707

More Books

Students also viewed these Accounting questions

Question

Does your message present a conclusion?

Answered: 1 week ago