Tutorial_14_-_Fair_Value_Questions.docx - Tutorial 14 –...

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Tutorial 14 – Intro to Fair Value Q1. The following are excerpts from the trial balance of Lenora at 31 March 2013: Debit RM’000 Credit RM’000 Land and buildings –at cost (land RM10 million) (note (i)) 60,000 Plant and equipment – at cost (note (ii)) 94,500 Accumulated depreciation at 1 April 2012 - Buildings 20,000 - Plant and equipment 24,500 Notes (i) On 1 Apr 2012, the directors of Lenora decided that the financial statements would show an improved position if the land and buildings were revalued to market value. At that date, an independent valuator valued the land at RM12 million and the buildings at RM35 million, and these valuations were accepted by the directors. The remaining life of the buildings at that date was 14 years. Lenora does not make a transfer to retained earnings
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  • Fall '19
  • Generally Accepted Accounting Principles, Lenora

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