Question
QUESTION 12 The carrying amount of Yean Bhds property at the end of the year amounted to RM1,080,000. On this date the property was revalued
QUESTION 12
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The carrying amount of Yean Bhds property at the end of the year amounted to RM1,080,000. On this date the property was revalued and was deemed to have a fair value of RM950,000. The balance on the revaluation surplus relating to the original gain of the property was RM100,000.
What will be the accounting treatment for the decreased in the carrying amount of the property due to the revaluation?
A. Loss on revaluation of RM130,000 is recognised in other comprehensive income.
B. Loss on revaluation of RM130,000 is recognised in profit or loss.
C. Loss on revaluation of RM100,000 is recognised in other comprehensive income and RM30,000 is recognised in profit or loss.
D. Loss on revaluation of RM30,000 is recognised in other comprehensive income and RM100,000 is recognised in profit or loss.
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Auditing And EDP Objective Questions And Explanations
Authors: Irvin N Gleim, William A. Hillison
4th Edition
0917537432, 978-0917537431
