IAS 16 Revaluation and Derecognition

Joined
Feb 20, 2014
Messages
10
Reaction score
0
I don't really understand how this all should be treated. Could you please explain double-entry.
During the year a property was sold for £950,000. The property originally cost £150,000 and was revalued to £526,000 during 2013. Accumulated depreciation on this asset was £20,000 at the date of the revaluation. The carrying value of this asset at 1 January 2014 was £500,000.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top