8.5 At 31 December 20X3 Q, a limited liability company, owned a building that had cost $800,000 on 1 January 20W4. It was being depreciated at 2% per year. On 31 December 20X3 a revaluation to $1,000.000 was recognised. At this date the building had a remaining useful life of 40 years. What is the balance on the revaluation surplus at 31 December 20X3 and the depreciation charge in the statement of profit or loss for the year ended 31 December 20X4? Depreciation charge for year ended 31 December 20X4 (statement of profit or loss) Revaluation surplus as at 31 December 20X3 (statement of financial position) %24 25,000 25,000 20,000 20,000 200,000 360,000 200,000 360,000 ABCD
8.5 At 31 December 20X3 Q, a limited liability company, owned a building that had cost $800,000 on 1 January 20W4. It was being depreciated at 2% per year. On 31 December 20X3 a revaluation to $1,000.000 was recognised. At this date the building had a remaining useful life of 40 years. What is the balance on the revaluation surplus at 31 December 20X3 and the depreciation charge in the statement of profit or loss for the year ended 31 December 20X4? Depreciation charge for year ended 31 December 20X4 (statement of profit or loss) Revaluation surplus as at 31 December 20X3 (statement of financial position) %24 25,000 25,000 20,000 20,000 200,000 360,000 200,000 360,000 ABCD
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:8.5 At 31 December 20X3 Q, a limited liability company, owned a building that had cost $800,000 on
1 January 20W4.
It was being depreciated at 2% per year.
On 31 December 20X3 a revaluation to $1,000.000 was recognised. At this date the building had a
remaining useful life of 40 years.
What is the balance on the revaluation surplus at 31 December 20X3 and the depreciation charge in the
statement of profit or loss for the year ended 31 December 20X4?
Depreciation charge for
year ended 31 December 20X4
(statement of profit or loss)
Revaluation surplus
as at 31 December 20X3
(statement of financial position)
%24
25,000
25,000
20,000
20,000
200,000
360,000
200,000
360,000
ABCD
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education