Question: Tan plc revalued an equipment which originally costs 800,000 on 1 January 20X1, to...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Question:
Tan plc revalued an equipment which originally costs 800,000 on 1 January 20X1, to 1,000,000 on 1 January 20X6. The equipment was depreciated using straight line depreciation at a rate of 10% per annum. The useful economic life of the equipment remains unchanged.
Required:
Write the journal entries for the revaluation of the equipment on 1 January 20X6 and also calculate and journalise the depreciation for the equipment for the year to 31 December 20X6.
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!
