Accounting Multiple Choice Question – 23 July 2022

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A building cost £340 000 several years ago.

At 30 June 2004 the accumulated depreciation on the building was£47 600 and it was decided to revalue the building to its market value of £560 000.

What will be the balance on the Revaluation Reserve?

Select ONE answer:

  1. £172 400
  2. £220 000
  3. £267 600
  4. £512 400

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 3

  1. Not correct
  2. Not correct
  3. Correct ==> £560,000 – £340,000 = £220,000 + £47,600
  4. Not correct

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