A-LevelAccountingAccounting for non-current assets9706/12 · Oct/Nov 2015 · Q71 Mark
Land and buildings are shown in the books of account at a cost price of $200000 with accumulated depreciation of $40000. The property is revalued at $340000. Which entries record this transaction?
Aland and buildings debit $140000 income statement credit $140000
Bland and buildings debit $140000 provision for depreciation debit $40000 income statement credit $180000
Cland and buildings debit $140000 revaluation reserve credit $140000
Dland and buildings debit $140000 provision for depreciation debit $40000 revaluation reserve credit $180000
✓ Correct answer
D: land and buildings debit $140000 provision for depreciation debit $40000 revaluation reserve credit $180000
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