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Why is the double entry for the revaluation of property
dr reval 4,500
dr cos 2,500
cr leasehold prop 7,000…as opposed to…
dr reval 4,500
cr leasehold 4,500?I don’t understand why the dep of 2,500 is being included in the double entry since the disposal was at the start of the year. As such, I didn’t think that dep should be calculated ..it was wrongly (still)included in the tb.
What do you mean “The disposal was at the start of the year”?
The leasehold property has NOT been disposed of.
We have used it for a year, so depreciate by $2,500 down to $47,500.
Now impair down to $43,000
Ok?
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