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Could you assist me in finding the revaluation surplus balance from the question 8.5 in bpp
I was able to get the depreciation amount but dint know how to get the revaluation surplus balance.
The building had been owned for 10 years and was being depreciated at 2% per year. So the carrying value / NBV immediately before the revaluation was 800,000 – (10 x 2% x 800,000) = 640,000.
It was revalued to 1,000,000 and therefore the revaluation surplus is 1,000,000 – 640,000 = 360,000.
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