revaluation Question 1 Joyce Limited purchased land and building on 1st...
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Accounting
revaluation 
Question 1 Joyce Limited purchased land and building on 1st January, 2012 for GH200,000 (land GH60,000 and buildings GH 140,000). While there is no depreciation on land, however the company uses 5% reducing balance method on building. On 1st January 2016 the land was revalued to GH75,000 and the buildings to GH135,000. Depreciation on buildings is computed at 5% reducing balance. The financial statements are prepared on a yearly basis. Required: Calculate the revaluation reserve for the year ended 31st December, 2016
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