Question 1 Focus Eye Bhd has adopted the revaluation model and the following information is related to its freehold land. Cost as at 31 Dec 2015Fair value as at 31 Dec 2015Fair Value as at 31 Dec 2016Freehold land XRM1,000,000RM1,200,000RM900,000Freehold Land YRM1,100,000RM800,000RM1,200,000 Required: Show the journal entries to record the surplus or deficit on revaluation for the year ended 31 December 2015 and 2016.Show the extract of the statement of profit or loss and other comprehensive income for the year ended 31 December 2015 and 2016.

The details of freehold land has been given by the company for the year ended 31st December 2015 and…

Answered: Required: Show the journal entries to…

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 1

Focus Eye Bhd has adopted the revaluation model and the following information is related to its freehold land.

	Cost as at 31 Dec 2015	Fair value as at 31 Dec 2015	Fair Value as at 31 Dec 2016
Freehold land X	RM1,000,000	RM1,200,000	RM900,000
Freehold Land Y	RM1,100,000	RM800,000	RM1,200,000

Required:

Show the journal entries to record the surplus or deficit on revaluation for the year ended 31 December 2015 and 2016.
Show the extract of the statement of profit or loss and other comprehensive income for the year ended 31 December 2015 and 2016.

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