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August 15, 2021 at 7:49 pm
Anyone else notice the revaluation reserve figures were wrong ? Think it should have been the revalued amount – CV for the building not historic cost? So the figure would have been £900,000 for the building + £100,000 for the land giving a total of £1,000,000 not £500,000. Or am I missing something?
August 22, 2021 at 6:25 pm
Hey, did you ever get an answer to this? I would have depreciated the historical cost at 5 years at £100k, so £1m in reserve too x
September 5, 2021 at 7:13 am
Yes, you can do it both ways. In your ways, you first need to deduct 500k and then add 1,000 in reserve
The tutor faster add 500k in reserve. At the end, it will give the same result on Statement of Equity Change
September 5, 2021 at 7:22 am
Sorry! I take that wrong. I tend to agree that 1m in reserve
August 3, 2021 at 6:25 pm
i have the same query ! any answers?
John Moffat says
August 3, 2021 at 7:11 pm
Please ask in the Paper FR Ask the Tutor Forum and then our FR tutor will reply 🙂
August 2, 2021 at 1:58 pm
I depreciated building for 5 years and then I revalued it ? have I made mistake?
August 1, 2021 at 6:20 pm
I have an issue with this question. The extracts mentioned in the question is as at 30 June 20×8. Except for the retained earnings (which is opening balance), the other two amount should be as at the Year end which would mean that it includes the issue of shares on 1 Jan 20×8. Therefore, i had to work back the equity share and the share premium to bring the balance to 30 June 20×7 for the opening balances. Correct me if I am wrong. Thanks.
August 3, 2021 at 6:37 pm
should say 30 june x7 pal treat it as x7
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