Homework Answers
Ans. Carrying Value of Equipment as on 2014 = shs 51,000 - (shs 51,000 x 0.10 x 2) = shs 40,800
Therefore, shs 200 of the original impairment loss of shs 9,000 can be reversed.
| Date | Particulars | Amt | Amt |
|
31-12-14 |
Equipment A/c ...Dr. To Impairment Loss A/c |
200 |
200 |
|
31-12-14 |
Impairment Loss A/c ...Dr. To Statement of Profit and Loss A/c |
200 |
200 |
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