Collins Ltd revalues its building and decides to incorporate the evaluation into the financial statements. The following
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Question:
Collins Ltd revalues its building and decides to incorporate the evaluation into the financial
statements. The following information is relevant:
Extract from the statement of financial position at 31 st December 2020
GH¢
Building at cost 30,000
Accumulated Depreciation 9,000
21,000
Depreciation has been provided at 2% per annum on a straight line.
The building is revalued at 30 th June 2021 at GH¢ 27,600. There is no change in the
remaining estimated future life.
You are required to
Show the relevant extracts from the financial statements at 31 st December 2021.
Related Book For
South Western Federal Taxation 2016 Corporations Partnerships Estates and Trusts
ISBN: 9781305399884
39th edition
Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young
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