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Revaluation Question

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA MA – FIA FMA › Revaluation Question

  • This topic has 1 reply, 2 voices, and was last updated 2 years ago by John Moffat.
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  • March 16, 2023 at 7:03 pm #681430
    SamirB28
    Participant
    • Topics: 4
    • Replies: 4
    • ☆

    Herath Construction Ltd has a piece of land on the company’s books valued at £800,000. Five years ago, a boom in land values led the company to increase the carrying value to £880,000. In recent times, however, there’s been a decline in land prices and it is estimated by a surveyor that the land is now worth only £770,000. How should the values be accounted for at the end of the current year?

    a) Dr revaluation surplus £110,000; Cr non-current asset £110,000
    b) Dr income statement £30,000; Cr non-current asset £30,000
    c) Dr revaluation surplus £80,000; Cr income statement £50,000; Cr non-current asset £30,000
    d) Dr revaluation surplus £80,000; Dr income statement £30,000; Cr non-current asset £110,000

    Is the answer D? If so can you demonstrate the calculations?

    Thank you in advanced.

    March 17, 2023 at 10:42 am #681465
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    Revaluations are not examinable in Paper MA.

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