amingad
Chief Accountant
Dear all,
Try to solve this problem. Following is the small workings of Building purchases, balance and revalution at the end of each year. Assuming depreciation of 10% on SLM, please work out what is the depreciation we have to pass in the books, entries for revaluation and There is lot of controversy on the last entry. What is the correct entry to be made?
Regards,
Ravi

From Qatar ,
amingad
Chief Accountant
Dear all,
Try to solve this problem. Following is the small workings of Building purchases, balance and revalution at the end of each year. Assuming depreciation of 10% on SLM, please work out what is the depreciation we have to pass in the books, entries for revaluation and
ENTRY FOR EXCESS DEPRECIATION TO BE PASSED IN REVALUTION RESERVE ACCOUNT AND RETAINED EARNINGS ACCOUNT AS PE IFRS
At cost
Opening Additions Closing Revalued figure
Year 1 - 100,000 100,000 150,000
Year 2 100,000 50,000 150,000 200,000
Year 3 150,000 50,000 200,000 250,000
Year 4 200,000 50,000 250,000 300,000
Year 5 250,000 50,000 300,000 350,000
There is lot of controversy on the last entry. What is the correct entry to be made?
Regards,
Ravi

From Qatar ,
amingad
Chief Accountant
Dear all,
Try to solve this problem. Following is the small workings of Building purchases, balance and revalution at the end of each year. Assuming depreciation of 10% on SLM, please work out what is the depreciation we have to pass in the books, entries for revaluation and
ENTRY FOR EXCESS DEPRECIATION TO BE PASSED IN REVALUTION RESERVE ACCOUNT AND RETAINED EARNINGS ACCOUNT AS PE IFRS
------At cost--------------
Opening Additions Closing Revalued figure
Year 1 - 100,000 100,000 150,000
Year 2 100,000 50,000 150,000 200,000
Year 3 150,000 50,000 200,000 250,000
Year 4 200,000 50,000 250,000 300,000
Year 5 250,000 50,000 300,000 350,000
There is lot of controversy on the last entry. What is the correct entry to be made?
as the above figures are coming properly formatted, i am attaching excel file for the same.
Regards,
Ravi

From Qatar ,

Attached Files
File Type: xls depreication_on_revalutions_167.xls (16.0 KB, 497 views)

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