revaluation surplus
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Brother and Sister are partners who are changing their
date of change, the partners choose to revaluate assets with market value different from their book values.
One asset revalued is land with a book value of P500,000 and a market value of P1,200,000. Two years
after the profit and loss ratios are changed, the land is sold for P2,000,000.
if I included the revaluation surplus my answer will be 825,000 and my other answer if it is not included is 440k. Help me please.
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