5 On 1 July 20X7 Brown Ltd bought a machine for GHS 48,000. The machine...
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5 On 1 July 20X7 Brown Ltd bought a machine for GHS 48,000. The machine was depreciated at 25% per annum on a straight-line basis until 30 June 20X9. On 1 July 20X9, the machine was revalued to GHS 30,000. Brown Ltd considers that its remaining useful life is three years. According to IAS 16 Property, Plant and Equipment, what should be the depreciation charge for the year ended 30 June 20Y0 and the balance on the revaluation surplus as at 30 June 20Y0? (Ignore any transfer of excess depreciation.) A B Depreciation charge GHS 8,000 GHS 8,000 GHS 10,000 GHS 10,000 Revaluation surplus GHS 4,000 GHS 6,000 GHS 6,000 GHS 4,000 D
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