Lexes LLC bought an equipment on the 1st January 2015 at a cost of OMR 800,000. It is being depreciated over a period of 20 years as per straight line basis. In the year 2018 the company decided to use revaluation model to value its equipment. The market value as on 31st December 2018 as per professional experts was OMR 580,000. Which of the following statement is correct with reference to above situation? None of them There is a revaluation gain at the end of year 2018 The value of equipment at the end of 31st December 2020 shall be 507,500. The accumulated depreciation until 31st December 2020 on equipment shall be OMR 240:000.

Lexes LLC bought an equipment on the 1st January 2015 at a cost of OMR 800,000. It is being depreciated over a period of 20 years as per straight line basis. In the year 2018 the company decided to use revaluation model to value its equipment. The market value as on 31st December 2018 as per professional experts was OMR 580,000. Which of the following statement is correct with reference to above situation? None of them There is a revaluation gain at the end of year 2018 The value of equipment at the end of 31st December 2020 shall be 507,500. The accumulated depreciation until 31st December 2020 on equipment shall be OMR 240:000.

Name: Lexes LLC bought an equipment on the 1st January 2015 at a cost of OM
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Description: Lexes LLC bought an equipment on the 1st January 2015 at a cost of OMR 800,000. It is being depreciated over a period of 20years as per straight line basis. In the year 2018 the company decided to use revaluation model to value its equipment. Themar

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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