The carrying value of property X is Tshs 120 million and of property Y, Tshs 160...

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The carrying value of property X is Tshs 120 million and of property Y, Tshs 160 million. They are revalued at Tshs 100 million and Tshs 176 million respectively. On the previous revaluations, X's value was increased by Tshs 14 million (being the amount lying to the credit of revaluation surplus against this asset) and Y's value decreased by Tshs 10 million. Required: Show the accounting entries under the alternative assumptions that the properties are: 1) owner-occupied properties 2) investment properties The carrying value of property X is Tshs 120 million and of property Y, Tshs 160 million. They are revalued at Tshs 100 million and Tshs 176 million respectively. On the previous revaluations, X's value was increased by Tshs 14 million (being the amount lying to the credit of revaluation surplus against this asset) and Y's value decreased by Tshs 10 million. Required: Show the accounting entries under the alternative assumptions that the properties are: 1) owner-occupied properties 2) investment properties

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Accounting entries for owneroccupied properties Assuming the properties are owneroccupied the accounting entries would be as follows For Property X In... View the full answer