Question: Question 1 Alive Ltd has the following extract from Statement of Financial position as at 31/12/2019 GHC Stadium at cost 1,500,000 Accumulated depreciation (562,500) 937.500

Question 1 Alive Ltd has the following extract from Statement of Financial position as at 31/12/2019 GHC Stadium at cost 1,500,000 Accumulated depreciation (562,500) 937.500 On 30th September 2020, the stadium was revalued at GH1,380,000. Depreciation is on straight lire basis at 2.5%p.a. Required Account for the above transactions in the books of Alive Ltd in accordance with IAS 16 Property Plant and Equipment

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

1. EXTRACT OF STATEMENT OF FINANCIAL POSITION ITEMS 2021 12 000 10 000 22 500 6 800 8 000 400 2020 10 200 10 400 15600 8 900 10 000 Inventories Trade receivables Investment in Didi Ltd (at fair...

The following information is extracted from the accounting records of Ginger Limited: 1. EXTRACT OF STATEMENT OF FINANCIAL POSITION ITEMS 2020 10 200 10 400 2021 12 000 10 000 22 500 6800 8000 400 15...

Question 1 The following represented an extract from the Statement of Financial Position of Nadi Ltd for the years ending 30 June 2010 and 30 June 2011. Reporting date was 30 June. Assets 2011 2010...

(25 Marks) Adjustments and Additional Information QUESTION 6 FINANCIAL STATEMENT AND DISPOSAL OF ASSET A. Rent for March 2017 has been received in advance. 6.1 STATEMENT OF COMPREHENSIVE INCOME (20...

Question Completion Status: Question 1 Sama Inc. has prepared the following comparative statement of financial position for 2019 and 2020 6 points Save Anwe Plant assets Accumulated depreciation...

please kindly help me sorry I've updated my question . Adjustments and additional information: 1. Issued share capital consists of: 200 000 - Ordinary shares. 5 000 - Non-redeemable preference...

QUESTION ONE [20] Samke Limited sells new equipment and repairs equipment for their regular customers. The following information was extracted from the accounting records for the financial year ended...

please assist with the following question Question Jerrms Enterprises have below excitrom the tra blanca asal 2 February 2019 Details Debits Credit Eurnert 500 000 Accumulated depreciation equiment...

Question 4 [33] The following information relates to Pelser Limited: Pre-adjusted trial balance of Pelser Ltd on 30 September 2020 Dr Cr Statement of financial position section Ordinary share capital...

Which of the following costs is NOT a cost of quality? A. rework B. scrap C. lost goodwill D. research and development

Why is it important for an exporter to understand the distinction between a temporary change in the exchange rate and a permanent change in determining whether to respond to a real depreciation of...

P9.10 (LO 3) (Non-Monetary Exchanges) During the current year, Marshall Construction trades an old crane that has a book value of 90,000 (original cost 140,000 less accumulated depreciation 50,000)...

a=2 b= 0 c= 2 d=0 e=0 f=9 g=3 5. Draw the Network diagram for the following project. Estimate the Earliest start time and Latest finish time for each activity. If every day it cost 200 rials for this...