Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On 1 April 20X8 the fair value of Xu's leasehold property was $ 100,000 with a remaining life of 20 years . The company's policy

On 1 April 20X8 the fair value of Xu's leasehold property was $ 100,000 with a remaining life of 20 years . The company's policy is to revalue its property at each y ear end . At 31 March 20X9 the property was valued at $ 86,000 . The balance on the revaluation surplus at 1 April 20X8 was $ 20,000 which relates entirely to the leasehold property . a ) Calculate the gain / loss on revaluation loss - $ 14,000 . b ) Show double entry for recording the above gain / loss /

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_2

Step: 3

blur-text-image_3

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

Managerial Accounting

Authors: John Wild, Ken Shaw

6th Edition

9781259726972

More Books

Students also viewed these Accounting questions

Question

Have I allowed for this item in my budget?

Answered: 1 week ago