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Prepare the necessary entries for the revaluation of assets

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Question - ABC Company's statement financial statement shows a deficit on retained earnings amounting to P260,000. To eradicate the said deficiency, the company was to authorized by the commission to have the revaluation of its assets and liabilities. The following were the revaluation:

a. The receivable balance will be decreased to P40,000.

b. The total fixed assets from its book value of P1,900,000 shall be revalued for P1,500,000 and the P700,000 accumulated depreciation attached from the original book value shall be zero out.

c. P50,000 of the other liabilities account shall not be recognized.

Required -

a. Prepare the necessary entries for the revaluation of assets and liabilities in the quasi-reorganization activity.

b. Prepare the statement of financial position as of January 1, 2020 after the revaluation process.

Reference no: EM133175992

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