[doncross]

I am working through them and questions

I thought I was ready for the ffa test 2 weeks ago but failed big time!! 27%
So now I have started again….. test in 3-4 weeks

[doncross]

Sorry i know could you explain the answer for this. thanks

Bianca bought an asset on 1st January 20X6 for $335,000. She has depreciated it at 25% using the straight line method. On 1st January 20X9, Bianca revalued the asset to $450,000.

What double entry should Bianca post to record the revaluation?

A Dr Non-current assets cost $115,000
Dr Accumulated depreciation $251,250
Cr Revaluation reserve $366,250

B Dr Non-current assets cost $450,000
Dr Accumulated depreciation $251,250
Cr Revaluation reserve $701,250

C Dr Revaluation reserve $586,250 Cr Non-current assets cost $335,000
Cr Accumulated depreciation $251,250

D Dr Revaluation reserve $450,000 Cr Non-current assets cost $335,000
Cr Accumulated depreciation $115,000

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