missymaddy
17-05-10, 10:51 AM
The land was on hand at 1 July 2005 (upon acquisition). and was sold on 1 February 2006 for $40,000. Any valuation reserve in relation to the land is transferred on consolidation to retained earnings. CA of land = $30,000 and FV of land = $38,000. Do up consolidation for 30 June 2008.
I need assurance if im right. and this is my entry,
Retained Earnings (1/7/07) Dr $5,600
Transfer from BCVR Cr $5,600
(Gain on Sale of Land)
I need assurance if im right. and this is my entry,
Retained Earnings (1/7/07) Dr $5,600
Transfer from BCVR Cr $5,600
(Gain on Sale of Land)