Question: Write journal entries and complete statement Year 1: Jan 1, year 1, UEL introduced share capital of $10,735 to buy a Machine (PPE) Straigt-line method

Write journal entries and complete statement

Year 1: Jan 1, year 1, UEL introduced share capital of $10,735 to buy a Machine (PPE) Straigt-line method of depreciation. 10 years useful life. Scrap value is nil. Year 2: Jan 1, year 2, UEL revalues the NCA amount by applying revaluation model, FV of PPE is now $14235. Year 3: Jan 1, year 3, The FV of PPE is now 7,000. Book all the entries under the light of IAS 16 and reflect the movements of all accounts related.

Statement of changes in equity
	Share capital	Retained earnings	Revaluation surplus
*Opening balance year 1*
Share issued
TCI year 1:
Profit for the year
OCI
Realisation
*Closing balance year 1*
TCI year 2:
Profit for the year
OCI
Realisation
*Closing balance year 2*
TCI year 3:
Profit for the year
OCI
Realisation
*Closing balance year 3*

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