The owner of a business is planning to include his premises as an asset in the end-of-year
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The owner of a business is planning to include his premises as an asset in the end-of-year balance sheet at cost value of £200,000. However, the finance manager feels that this is too low a value and says that the premises should be included at £250,000, since this is what they could presently be sold for. How should the premises be valued?
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The valuation of assets in financial statements such as the endofyear balance sheet depends on the accounting principles being followed by the busines...View the full answer
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