A company bought property four years ago on 1 January for $120,000. Since then the property prices have risen substantially and the property has been revalued to $216,000.

The property was estimated as having a useful life of 20 years when it was purchased.

What is the balance on the revaluation surplus reported in the statement of financial position?

 

COST OF PROPERTY	120,000
Less ACC Depreciation(4 YEARS)	(24,000)
Carrying value of property	96,000
Revaluation of property	216,000
Surplus in revaluation	120,000

To do the same topic again in ACCA F3 Non current Assets 02

To do another topic in ACCA F3