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Journal entries

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Journal entries

  • This topic has 5 replies, 2 voices, and was last updated 9 years ago by MikeLittle.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • August 7, 2015 at 7:01 pm #266128
    pookie
    Member
    • Topics: 6
    • Replies: 11
    • ☆

    Hi, I just need some clarification please.

    What is the journal entries (with figures) for a revaluation decrease of an asset? Using this example perhaps

    Cost of asset on purchase date ie 1/1/10 = $12M
    Deprecated over 10 yrs, no residual value, straight line basis
    The asset was revalued on 31/12/11 to $13M and revalued again to $8M on 31/12/12

    I know how to record the revaluation surplus and what figures to use and also how to record the revaluation decrease ( DR. OCI , DR. P+ L , CR. PPE) but I’m not sure of what figures to use.

    August 7, 2015 at 9:49 pm #266165
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    $2,975 million debited to Revaluation Reserve

    $0,400 million debited to SoPL

    $3,375 million credited to TNCA

    OK

    August 7, 2015 at 9:59 pm #266168
    pookie
    Member
    • Topics: 6
    • Replies: 11
    • ☆

    Won’t the figure for TNCA be 3.556 million?

    August 7, 2015 at 10:16 pm #266169
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    I don’t think so! I know how I arrived at my figures – how did you arrive at $3,556?

    August 8, 2015 at 12:57 am #266180
    pookie
    Member
    • Topics: 6
    • Replies: 11
    • ☆

    Cost @ 1/1/10 = $12
    Dep. = $(1.2)
    C.V @ 31/12/10 =$10.8
    Revaluation Surplus. = $2.2
    Revalued amt. @ 31/12/11 = $13
    Dep. Year end. = $1.444
    C.V @ 31/12/11 = $ 11.556
    Revaluation decrease. = $3.556
    Revalued amt. @ 31/12/12 = $8

    August 8, 2015 at 7:30 am #266202
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    The first revaluation is after two years, not one

    Use your fingers!

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