3. The carrying amount of property owned by X Ltd at the end of the year...

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3. The carrying amount of property owned by X Ltd at the end of the year amounted to $216,000. On this date the property was revalued to fair value of $190,000. The balance on the revaluation reserve relating to the original gain of the property was $34,000 What is the double entry to record the revaluation? 3. The carrying amount of property owned by X Ltd at the end of the year amounted to $216,000. On this date the property was revalued to fair value of $190,000. The balance on the revaluation reserve relating to the original gain of the property was $34,000 What is the double entry to record the revaluation?

Answer rating: 100% (QA)

Heres the double entry to record the revaluation of the property for X Ltd Revaluation Loss 26000 Pr... View the full answer