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.

Answer rating: 100% (QA)

To show the relevant extracts from the financial statements at December 31 2021 we need to incorpora... View the full answer