1.  Prepare any necessary entries to revalue the land as at 30 June 2020

2). Prepare any necessary entries to revalue the building at as 30 June 2020

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West's trial balance at 30 June 2020 included the following balances relating to non-current assets, after charging depreciation. Land $250,000 Building $320,000 Accumulated depreciation (180,000) $140,000 West Ltd treats land and buildings as separate classes of assets. The company has adopted fair value for the valuation of non-current assets. At 1 July 2019 there is an asset revaluation surplus for the land of S50,000 and the building of $30,000. On 30 June 2020, an independent valuer assessed the fair value of the land to be $180,000 and the building to be $200,000. West's trial balance at 30 June 2020 included the following balances relating to non-current assets, after charging depreciation. Land $250,000 Building $320,000 Accumulated depreciation (180,000) $140,000 West Ltd treats land and buildings as separate classes of assets. The company has adopted fair value for the valuation of non-current assets. At 1 July 2019 there is an asset revaluation surplus for the land of S50,000 and the building of $30,000. On 30 June 2020, an independent valuer assessed the fair value of the land to be $180,000 and the building to be $200,000.

Answer rating: 100% (QA)

Que 1 Book Value of Land 250000 Fair Value 180000 Impai... View the full answer