[finnfinn]

like this ques sir

At 31 December 20X3 Q, a limited liability company, owned a building that had cost $800,000 on
1 January 20W4.
It was being depreciated at 2% per year.
On 31 December 20X3 a revaluation to $1,000,000 was recognised. At this date the building had a
remaining useful life of 40 years.

answwer

Revaluation surplus – (1,000,000 – (800,000 – (800,000 ? 2% ? 10)) = $360,000 — why did they skip this step in the above question?

is it because of the terms? the above question says asset was revalued and this question says a revaluation is recognised.

sorry and thanks for your time-

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