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    Journal Entries of Revaluation Surplus as per IFRS

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    On 1st July 2010, ABC company purchased an equipment costing 10 million. The life of the equipment is 10 years and the company uses the straight line method of depreciation.

    The company revalues its equipment every year on July 01. The revalued amount on July 01, 2011 is $ 13 million and July 01, 2012 is 16 million. Prepare journal entries from July 01, 2010 to June 30, 2013.

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    Solution Summary

    This solution discusses the revaluation of equipment for two years and how it is related accounting entries as per IFRS.