Question: Tan plc revalued an equipment which originally costs 800,000 on 1 January 20X1, to...
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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.
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.
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