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Chapter 5,Example 1 (Revaluation Increase)

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Chapter 5,Example 1 (Revaluation Increase)

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by P2-D2.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • April 2, 2021 at 7:58 pm #615787
    7fsa
    Participant
    • Topics: 58
    • Replies: 41
    • ☆☆

    Dear Chris,

    How are you?
    I hope you are doing well,
    First of all I would like to thank you for your effort and nice informative lectures,
    regarding example#1 presentation of the financial statements it was as follow,
    As you explained.
    Statement of financial position
    PPE (NCA) $89,412
    Revaluation Reserves (Equity) $25,412
    Profit or loss and other comprehensive income
    Depreciation Expenses $5,588
    Gain (OTI) $27,000
    and you did explain for the Accounting journal entries as follow,
    1-
    Dr Cost PPE $15,000
    Dr Accumulated Depreciation $12,000
    Cr Revaluation Reserve $17,000
    2-
    Dr Depreciation Expense $5,588
    Cr Accumulated Depreciation $5,588
    3-
    Dr Revaluation Reserves $1,588
    Cr Retained Earnings $1,588
    I do understand all those journal entries but Those are related to the following tree items which are 1- PPE 2- Revaluation Reserves 3- Depreciation Expenses .
    what about Revaluation Gain Accounting Journal entry how can I work it out to do recognize in Profit or loss and other comprehensive income

    April 5, 2021 at 8:21 pm #616041
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7163
    • ☆☆☆☆☆

    Hi,

    The revaluation gain is included within the first journal entry where we credit the revaluation reserve/OCI with the $17,000. The accumulated depreciation is removed, cost increased and a gain included in OCI.

    Thanks

  • Author
    Posts
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