Q.11. Land shown in the books at $600,000 was revalued as 1,000,000. What journal entries will be passed at the time of revaluation and at the end of year. Under what head, gain on revaluation will be shown in the Income statement?

Q.11. Land shown in the books at $600,000 was revalued as 1,000,000. What journal entries will be passed at the time of revaluation and at the end of year. Under what head, gain on revaluation will be shown in the Income statement?

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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Question

Q.11.

Land shown in the books at $600,000 was revalued as 1,000,000. What journal entries will be passed at the time of revaluation and at the end of year. Under what head, gain on revaluation will be shown in the Income statement?

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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