69.The statement of financial position of Toby Ltd at 31 December 2023 shows the following....
90.2K
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.
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.