69.The statement of financial position of Toby Ltd at 31 December 2023 shows the following....
50.1K
Verified Solution
Link Copied!
Question
Accounting
69.The statement of financial position of Toby Ltd at 31 December 2023 shows the following.
Plant $80 000
Less accumulated depreciation plant 20 000
= 60 000 On 1 January 2024, based on a valuer's estimate of fair value, it was decided to revalue the plant to $70 000. This was the first time the asset had been revalued. The journal entry to record the revaluation is which of the following?
Group of answer choices
1.DR Accumulated depreciation plant 20 000; CR Plant 10 000; CR Gain on revaluation of plant 10 000.
2.DR Plant 10 000; DR Expense on revaluation of plant 10 000; CR Accumulated depreciation plant 20 000.
3.DR Plant 10 000; CR Gain on revaluation of plant 10 000.
4.DR Expense on revaluation of plant 10 000; CR Plant 10 000.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
