The Office building at cost account on 31th December, 20X1. before closing the account is as follows: Office building at cost $ 01.01) Transfer of accumulated 24 01.01) opening balance 24 000 depr. Building 6 000 01.01) Revaluation of office building 4 000 The company's policy is to charge depreciation at 10% per year on a straight-line basis. Calculate net book value of office building before revaluation: Enter the relevant bookkeeping entries to charge the annual depreciation: DEBIT CREDIT AmouAt Calculate the net book value of the office building on 31st December, 20X1? How much would be the net book value of the office building on 31st December, 20X1 if no revaluation is taken place?

The Office building at cost account on 31th December, 20X1. before closing the account is as follows: Office building at cost $ 01.01) Transfer of accumulated 24 01.01) opening balance 24 000 depr. Building 6 000 01.01) Revaluation of office building 4 000 The company's policy is to charge depreciation at 10% per year on a straight-line basis. Calculate net book value of office building before revaluation: Enter the relevant bookkeeping entries to charge the annual depreciation: DEBIT CREDIT AmouAt Calculate the net book value of the office building on 31st December, 20X1? How much would be the net book value of the office building on 31st December, 20X1 if no revaluation is taken place?

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

The Office building at cost account on 31th December, 20X1. before closing the account is as follows:
Office building at cost
$4
01.01) Transfer of accumulated
24
24 000
depr. Building
01.01) opening balance
6 000
01.01) Revaluation of
office building
4 000
The company's policy is to charge depreciation at 10% per year on a straight-line basis.
Calculate net book value of office building before revaluation:
Enter the relevant bookkeeping entries to charge the anrnual depreciation:
DEBIT
* CREDIT
AmouRt
Calculate the net book value of the office building on 31st December, 20X1?
How much would be the net book value of the office building on 31st December, 20X1 if no revaluation is taken place?

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