Blyts-_
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http://filestore.aqa.org.uk/subjects...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?
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aliman65
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(Original post by Blyts-_)
http://filestore.aqa.org.uk/subjects...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.
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Blyts-_
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(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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aliman65
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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.
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Blyts-_
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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)
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aliman65
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(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.
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MahmoodReza
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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)
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