Prepare the journal entries required

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Reference no: EM13342711

PART C

At 30 June 2009 Fedyou Ltd undertook a comprehensive valuation of all of its PPE assets. The results of the revaluation exercise were as follows:

Asset Fair Value 30 June 2009

Land $140,000

Plant 120,000

Computers 45,000

Vehicles 25,000

Required:

Having regard to the requirements of Accounting Standard AASB116 Property Plant and Equipment and AASB136 Impairment of Assets prepare the journal entries required (including tax effects) if the assets were revalued to fair value at 30 June 2009

PART D

Under current accounting standards revaluation increments on PPE assets are credited to a revaluation surplus account in equity, whereas a revaluation decrement may be recognised as an expense under certain circumstances.

Reference no: EM13342711

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