Question
Salman owns a fishfinger factory. The premises was purchased on 1 January, 2012 for Rs.450,000 and depreciation charged at 2% pa straight line. Salman now
Salman owns a fishfinger factory. The premises was purchased on 1 January, 2012 for Rs.450,000
and depreciation charged at 2% pa straight line.
Salman now wishes to revalue the factory premises to Rs.800,000 on 1 January, 2018 to reflect the
market value. What is the balance on the revaluation reserve after this transaction?
Pass journal entry.
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Payroll Accounting 2017
Authors: Bernard J. Bieg, Judith Toland
27th edition
ISBN: 1305675126, 1305675124, 9781305888586, 1305888588, 978-1337734776
