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Transfer to Revaluation Reserve

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Transfer to Revaluation Reserve

  • This topic has 4 replies, 2 voices, and was last updated 7 years ago by MikeLittle.
Viewing 5 posts - 1 through 5 (of 5 total)
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  • December 4, 2015 at 8:49 am #287451
    George
    Member
    • Topics: 4
    • Replies: 20
    • ☆

    Hi Mike ,
    Question 3 Specimen Paper
    “Quincy will make a transfer from the revaluation reserve to retained earnings in respect of the realisation of the revaluation” 16 years remaining life
    I correctly calculated depreciation to 18,000 (2 L and 16 B) .
    Is annual transfer only based on revaluation of Buildings? Because the correct answer was (1000) RR and 1000 in RE in statement of changes in equity.
    Thanks in advance

    December 4, 2015 at 9:12 am #287464
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22698
    • ☆☆☆☆☆

    “I correctly calculated depreciation to 18,000 (2L and 16B)”

    Do you mean that you correctly calculated REVALUATION?

    Ask yourself “What is the estimated remaining useful life of land?”

    Now ask “Over what period should I depreciate the land?”

    And finally ask “Therefore what should be the annual transfer from revaluation reserve to retained earnings in respect of the depreciation of the land?”

    OK?

    December 4, 2015 at 9:16 am #287468
    George
    Member
    • Topics: 4
    • Replies: 20
    • ☆

    transfer occurs on excess depreciation so since only buildings depreciate this is why only revaluation on buildings was transferred

    December 4, 2015 at 9:17 am #287470
    George
    Member
    • Topics: 4
    • Replies: 20
    • ☆

    yes thank you

    December 4, 2015 at 9:20 am #287472
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22698
    • ☆☆☆☆☆

    Correct, and you’re welcome

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