A-LevelAccountingRevaluation of Non-current AssetsOct/Nov 2015Paper 1 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
The correct answer is D. This question tests the candidate's understanding of revaluation of non-current assets within the Accountingsyllabus. The examiner's mark scheme requires...
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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...
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