IAS 16 Revaluation Increase/Decrease Journal

This topic has 2 replies, 3 voices, and was last updated 7 years ago by P2-D2.

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January 7, 2019 at 6:33 am #500239
yusuphsalum
Member
- Topics: 2
- Replies: 1
Hello Sir,
I have just gone through the examples for revaluation increase and decrease but I wanted to know if I were asked to do a journal for those examples then how will I go about doing it?
I know it might be silly question but I would very much appreciate your help

Thanks

Adam
January 10, 2019 at 6:48 pm #500690
Louis
Participant
- Topics: 0
- Replies: 1
Hello Sir,

I want to know whether i am expected to depreciate an item of PPE before i revalue it or is it the other way around?

thank you in anticipation of your prompt response.

Louis.
January 11, 2019 at 10:56 pm #500919
P2-D2
Keymaster
- Topics: 4
- Replies: 7235
@yusuphsalum said:
Hello Sir,
I have just gone through the examples for revaluation increase and decrease but I wanted to know if I were asked to do a journal for those examples then how will I go about doing it?
I know it might be silly question but I would very much appreciate your help

Thanks

Adam

Hi,

You simply just write out the journal using debits and credits. You can look at the illustrative exam answers for the specimen exam paper for guidance.

Thanks
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