Copely Limited had an existing asset revaluation surplus in respect to an item of plant that had been derecognised. An appropriate journal entry to transfer the surplus to retained earnings would include which of the following?
A) DR Gain on revaluation - OCI
B) CR Asset revaluation surplus
C) DR Retained earnings
D) CR Retained earnings
Correct Answer:
Verified
Q21: Costs of removal or dismantling an asset
Q22: When using the revaluation model:
A) ongoing record
Q23: Under AASB 116 Property, Plant and Equipment,
Q24: When an item of property, plant and
Q25: Which of the following is not an
Q27: Expenditure designed to improve the quality of
Q28: Costs of testing whether an asset is
Q29: Depreciation is an accounting process which involves
Q30: Which of the following statements is not
Q31: Costs of training staff in the use
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents