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Record the closing journal entries for any gain

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Reference no: EM132496904

Revaluation of Non-current assets

The Balance sheet for Pluto Ltd disclosed the following information:

Pluto Ltd Balance Sheet (extract) 30th June 2019

Non-current Assets: Plant -At cost: $500,000

Accumulated depreciation-Plant $(150,000)

The company has adopted fair value for the valuation of non-current assets. This has resulted in the recognition in previous periods of an asset revaluation surplus/reserve for the plant of $60,000.

The plant has a useful life of 10 years and a zero residual value. On 31st December 2019, it was decided to revalue this amount to its fair value of $200,000.

Required:

Question (i) Record the journal entries (as per template below) as at 31 December 2019, relating to the revaluation of this plant. Include narrations.

Question (ii) Record the closing journal entries (as per template below)for any gain or loss on revaluation only, as at 30th June 2020. Include narrations. Ignore any tax effects.

Reference no: EM132496904

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