TOKI PJSC owns two pieces of land in Dubai. Land A was purchased in 2013...
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Accounting
TOKI PJSC owns two pieces of land in Dubai. Land A was purchased in 2013 at a cost of Dh10 million while Land B was purchased in 2014 at a cost of Dh12 million. The lands were classified as fixed assets, and were revalued as follows:
Open market value
Land A
Land B
Years revalued
Dh million
Dh million
2015
8
16
2017
12
11
2019
11
14
Required:
At each valuation date, calculate the surplus or deficit arising on the revaluation of both lands, respectively.
Answer & Explanation
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