Lidia Ltd Had a Property on Its Statement of Financial

question 7

Multiple Choice

Lidia Ltd had a property on its statement of financial position at 30 June at a net book value of £720,000. The property was revalued at that date at £860,000. What will be the effect on the company's revaluation reserve?

• A) The revaluation reserve will increase by £140,000.
• B) The revaluation reserve will increase by £860,000.
• C) The revaluation reserve will increase by £720,000.
• D) The revaluation reserve will not change.

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