ABC company has an equipment with a historical cost of AED300,000 and accumulated depreciation of AED 270,000. At the end of the year, the fair value of the equipment is estimated to be AED 70,000 and the company decided to revalue the equipment following IFRS. 

Required: Make the required journal entries to reflect such a revaluation.

Answer rating: 100% (QA)

The journal entry to reflect the revaluation of the equipment following IFRS at year end would be Pa... View the full answer