Kofi Jobs Ltd revalues its building and decides to incorporate the revaluation into the financial statements. The

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Kofi Jobs Ltd revalues its building and decides to incorporate the revaluation into the financial statements. The following information is relevant:

a) Extract from the statement of financial position at 31 December, 2020:

	GHS000
Building at cost	60,000
Accumulated depreciation	18,000
Carrying amount	42,000

b) Depreciation has been provided at 2% per annum on a straight line.

c) The building is revalued at 30 June,2021 at GHS55,,200,000. There is no change in the remaining estimated future life.

Required:

Show the relevant extracts from the financial statements as 31 December, 2021

Related Book For answer-question

International Financial Reporting A Practical Guide

ISBN: 978-1292200743

6th edition

Authors: Alan Melville

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Posted Date: Mar 22, 2022 02:50 AM

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Kofi Jobs Ltd revalues its building and decides to incorporate the revaluation into the financial statements. The

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Computation snip D363 fx A B 348 349 Annual depreciation 1200 Useful life of asset as... View the full answer

International Financial Reporting A Practical Guide

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