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Hi sir for december 2010 exam, question on PREMIER , regarding transaction (i) .
The increase in value of land element by $500 000 .
The adjustments would be to
+ 500 to Property,plant & equipment
+ 500 to other comprehensive income
+ 500 to revaluation surplusAm i right sir ?
But since it’s already recorded in the other comprehensive income, no adjustment is needed for it.
In the answer key, i noticed that there are no adjustments made to PPE and Land revaluation reserve regarding this $500. Which means it must have already been recorded, that’s why no adjustments is needed right ?
But how do we know if it’s recorded in the Property,plant & equipment and revaluation surplus ? How to find out ?
Anuja, I can’t find the question on the net but I have recorded an answer to Premier
Here’s the link
https://opentuition.com/acca/f7/acca-f7-exam-question-1-december-2010/
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