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Banjo Co purchased a building on 30 June 20X8 for $1,250,000. At acquisition, the useful life of the building was 50 years. Depreciation is calculated on the straight line basis. 10 years later, on 30 June 20Y8 when the carrrying amount of the building was $1,000,000, the building was revalued to $1,600,000. Banjo Co has a policy of transferrring the excess depreciation on revaluation from the revaluation surplus to retained earnings
Assuming no further revaluations take place, what is the balance on the revaluation surplus at 30 June 20Y9?
Please help meYou will obviously have an answer in the book in which you have the question, so please – you must tell me which part is causing you the problem and then I will try and help you.
Please you have to provide a full topic of revaluation model as a video lecture in which surplus deficit depreciation and disposal accounts and their entries are upgrade*****
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