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  • Solution 14.8

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    The document shows an example solution to a question about retained earnings and revaluation of fixed property. It provides the details of retained earnings balances and movements, showing preference and ordinary dividends deducted. It also shows the journal entries to record a revaluation of fixed property, with the gain credited directly to other comprehensive income and the revaluation surplus.

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    The document shows an example solution to a question about retained earnings and revaluation of fixed property. It provides the details of retained earnings balances and movements, showing preference and ordinary dividends deducted. It also shows the journal entries to record a revaluation of fixed property, with the gain credited directly to other comprehensive income and the revaluation surplus.

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    3 views1 page

    Solution 14.8

    Uploaded by

    DRACC
    The document shows an example solution to a question about retained earnings and revaluation of fixed property. It provides the details of retained earnings balances and movements, showing preference and ordinary dividends deducted. It also shows the journal entries to record a revaluation of fixed property, with the gain credited directly to other comprehensive income and the revaluation surplus.

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    © All Rights Reserved
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    QUESTION 14.

    Suggested solution

    (a)
    Retained earnings
    Details Amount Details Amount
    Preference dividend - Interim 14 500 Balance b/d 128 582
    - Final 1 700 Profit after tax 107 015
    Ordinary dividend - Interim 7 500
    - Final 10 000
    Balance c/f 201 897
    235 597 235 597
    Balance b/d 201 897

    (b)
    GENERAL JOURNAL
    Details Debit Credit
    Fixed property – (SFP) 115 000
    Gain on revaluation – (OCI) 115 000
    Gain on revaluation – (OCI) 115 000
    Revaluation surplus – (SFP) 115 000

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