Solved: Yoyo limited owns a land which was bought for 300000 what, Accounting Basics

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Yoyo limited owns a land which was bought for 300000 what

Question - YOYO Limited owns a land which was bought for $300,000. The company wishes to revalue the land to reflect its fair value and has been advised by a professional valuer that the current value is $800,000. What is the double entry to record this revaluation?

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Accounting Basics: Yoyo limited owns a land which was bought for 300000 what

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