Question
On 30 June 2018, the statement of financial position of Koala Ltd showed the following non- current asset after charging depreciation: Buildings 300,000 Accumulated Depreciation
On 30 June 2018, the statement of financial position of Koala Ltd showed the following non- current asset after charging depreciation:
| Buildings | 300,000 |
| Accumulated Depreciation | 100,000 |
| Carrying Amount | 200,000 |
The company adopted fair value for the valuation of its non-current assets. This has resulted in the recognition in previous periods of an asset revaluation surplus for the building of $14,000. On 30 June 2019, an independent valuer assessed the fair value of the building to be $160,000.
Required
Prepare the journal entries to revalue the buildings as at 30 June 2019.
Note: Ignore tax effect for this question.
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Say What Communicate With Tact And Impact What To Say To Get Results At Any Point In An Audit
Authors: Ann M. Butera
1st Edition
1032057734, 978-1032057736
