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Subject: Financial Accounting QUESTION 2 (15 Marks) CG Ltd owned and leased out a town building. This was classified as investment property on 31 December

Subject: Financial Accounting
QUESTION 2 (15 Marks) CG Ltd owned and leased out a town building. This was classified as investment property on 31 December 2021. During a freak accident, the owners had to relocate to its town building. The tenants were forced to move out from 1 June 2022. On 31 December 2021, the fair value of building was R425 000. On 1 June 2022, the fair value of the building is R475 000. It had a remaining useful life of 10 years and a residual value of R6 000. Journalise the above transaction for the year ended 31 December 2021 and 31 December 2022 (joumal narration are required)
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QUESTION 2 (15 Marks) CG LId owned and leased out a town building. This was classified as investment property on 31 December 2021. During a freak accident, the owners had to relocate to its town building. The tenants were forced to move out from 1 June 2022 On 31 December 2021, the fair value of building was R425 000. On 1 June 2022, the fair value of the building is R475000. It had a remaining useful life of 10 years and a residual value of R6000. Joumalise the above transaction for the year ended 31 Decernber 2021 and 31 December 2022 (Joumal narration are required)

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