[hyderali230]

For me, I didn’t finish as usual. section b was tough for me. if I pass, that will be a 50%.
It was like a nightmare. I was well prepared but I had drowned in part b. Everything messed up and I didn’t know which two question in part b should be selected.

[hyderali230]

Correct Answer is B=316K
@ 31 Dec 20X5
C.V=120000
Fair Value= 460000
Revaluation Gain= 340000
Remaining useful life= 20 years

@ 31 Dec 20X6
Remaining useful life is 19 years
so C.V=460000
Depriciation for the year=24210 (460000/19)
Excessive Depriciation= 24210- (120000/20)= 18210
C.V=460000-24210= 435790
Revaluation loss= 430000-435790= -5790

Revaluation Reseves
Revaluation Gain:@31 Dec20X5 340000
Excessive Depricition for 20X6= (18210)
Revaluation loss @ 31 Dec20X6= (5790)
Balance as @ 31 Dec 20X6= 316000

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