A-LevelAccountingPreparation of financial statements9706/12 · Oct/Nov 2012 · Q41 Mark

A trial balance shows the following information. $ premises at cost 150 000 accumulated depreciation on premises 25 000 On 1 January the premises are revalued at $270 000. At the same time 200 000 shares of $1 each are issued for $300 000. What is the value of the reserves created on 1 January?

A$120 000

B$145 000

C$220 000

D$245 000

✓ Correct answer

D: $245 000

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Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, Oct/Nov 2012 Paper 1 Variant 2, question 4.

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A trial balance shows the following information. $ premises at cost 150 000 accumulated depreciation on premises 25 000 On 1 January the premises are revalued at $270 000. At the same time 200 000 shares of $1 each are issued for $300 000. What is the value of the reserves created on 1 January?

✓ Correct answer

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