Schedule of non current assets

http://filestore.aqa.org.uk/subjects/AQA-ACCN3-W-QP-JUN11.PDF

On the past paper above, question 10 is a schedule of non current assets question. Under the 'depreciation' section, the revaluation amount for land and buildings is £45,000 (checked mark scheme) how do I get this figure?

Reply 1

aliman65

15

Original post by Blyts-_

http://filestore.aqa.org.uk/subjects/AQA-ACCN3-W-QP-JUN11.PDF

On the past paper above, question 10 is a schedule of non current assets question. Under the 'depreciation' section, the revaluation amount for land and buildings is £45,000 (checked mark scheme) how do I get this figure?

Not sure which part of question you are looking at, as there aren't 10 questions.

Reply 2

Blyts-_

OP

15

Original post by aliman65

Not sure which part of question you are looking at, as there aren't 10 questions.

There are exactly 10 questions. Task 4 question, or the last question in the paper.

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Reply 3

aliman65

15

Oh right, was late at night so sorry. I just checked the markscheme and the revaluation amount is 130,000 (280k-150k). The depreciation of 45k is wiped to 0 and a charge of 5600 (0.02*280k) is added for depreciation during the year, giving a NBV of 276k.

Not sure where you got the 45k revaluation amount from. The answer seems straightforward and nothing wrong about it.

Reply 4

Blyts-_

OP

15

I did say under the 'depreciation' section, you're looking at the 'cost' section, i.e the top half. What I was asking was how to get the figure for eliminated on revaluation of land and buildings, the figure is (45,000)

Reply 5

aliman65

15

Original post by Blyts-_

I did say under the 'depreciation' section, you're looking at the 'cost' section, i.e the top half. What I was asking was how to get the figure for eliminated on revaluation of land and buildings, the figure is (45,000)

No, I did look at the whole section. The (45000) bit is just saying the depreciation that is being eliminated because of the revaluation.

Reply 6

MahmoodReza

3

When an asset is revalued the a/c entries are
1.Dr Asset at cost and Cr Revaluation Reserve (difference between original cost & revaluation value)
2. Dr Accumulated Depn Cr Revaluation Reserve (eliminate all depreciation charged up to date of revaluation)

(edited 9 years ago)

Schedule of non current assets

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