At 30 June 20X1, the statement of financial position of Goofy Ltd included the following details for a building:Building$ 1,200,000Accumulated Depreciation(300,000) $ 900,000Goofy applies the revaluation model to buildings. At 30 June 20X1, the fair value of the building is $1,000,000.  The building had previously been revalued downwards by $100,000.What is the journal entry to revalue the building to fair value at 30 June 20X1 in accordance with the requirements of AASB 116 Property, Plant and Equipment?

Following a delayering exercise, Carter vacated an office building and let it out to a third party on 30 June 2018. The building had an original cost of GHS900,000 on 1 January 2010 and was being depreciated over 50 years. It was judged to have a fair value on 30 June 2018 of GHS950,000. At the year end date of 31 December 2018, the fair value of the building was estimated at GHS1.2 million. Carter uses the fair value model for investment property. What amount will be shown in revaluation surplus at 31 December 2018 in respect of this building?a.GHS 250,000b.GHS 300,000c.GHS 203,000d.GHS 417,000

On 1 January 20X0 an asset that had a useful life of five years and a cost of $100 000, had a carrying value of $60 000. (The asset had been depreciated for two years at $20 000 per annum). On 1 January 20X0 it was decided to revalue the asset upwards to $90 000 with no change in its useful life. A year after the revaluation on 1 January 20X1 the asset was sold for $80 000. Under the provisions of AASB 116, the gain or loss on disposal is:

An entity purchased property for $6 million on 1 July 20X3. The land element of thepurchase was $1 million. The expected life of the building was 50 years and its residual valuenil. On 30 June 20X5 the property was revalued to $7 million, of which the land element was$1.24 million and the buildings $5.76 million. On 30 June 20X7, the property was sold for$6.8 million.What is the gain on disposal of the property that would be reported in the statement ofprofit or loss for the year to 30 June 20X7?A Gain $40,000B Loss $200,000C Gain $1,000,000D Gain $1,240,000

Camperdown Ltd acquired a commercial head office building at a cost of $1,200,000 at 1 July 2022. The commercial head office building was estimated to have a useful life of twenty (20) years and residual value of zero and was depreciated on a straight-line basis. Camperdown Ltd has adopted AASB 13 Fair Value Measurement and the revaluation model under AASB 116 Property, Plant and Equipment for the after recognition measurement for the building class of assets. The Fair Value Report at 30 June 2023 presented the following information in relation to the uses of Camperdown Ltd’s head office building:UseEstimated future net cash inflows from use (inclusive of conversion costs) 30/06/2023Commercial head office building$1,800,000Student accommodation   $3,200,000 The fair value report has based this information on the building being a stand-alone asset, and both uses are legally permitted and capable of satisfying all physical characteristics and financial feasibility requirements.What is the correct fair value amount of Camperdown Ltd’s building at 30 June 2023?Group of answer choices$3,200,000$1,800,000$3,140,000$1,140,000

Ref-2: On 1St October, 2022, a rent payment of $360,000 was made for two years in advance with respect to the company's warehouse premises, and debited in full to 'Prepaid Rent'. The rental tenancy began on 1st October, 2022. What is the required adjusting journal entry for the 2023 financial year end?