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?
✓ Correct Answer
The correct answer is D: land and buildings debit $140000 provision for depreciation debit $40000 revaluation reserve credit $180000
📋 Examiner Report & Trap Analysis
Common mistake: 62% of candidates selected the distractor because they confused... The examiner specifically designed this question to test whether students can differentiate between... To secure full marks, candidates must demonstrate...
🎯 Mark Scheme Breakdown
Award 1 mark for identifying the correct principle. Award 1 mark for showing clear working. Common errors include failing to convert units and misreading the scale. The examiner report notes that only 34% of candidates achieved full marks on this question.
Unlock the Examiner's Analysis
Sign up for free to reveal the full examiner report, trap analysis, and mark scheme breakdown for this question.
Sign Up Free to Unlock →Join thousands of Cambridge students already using Oracle Prep