A company purchased land $ 1,000, 10 yrs back, this year mkt value is $ 100,000. How u wil present this in financials. what wil b accounting entry?

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Using the revaluation model the land will be recorded as follows:

DEBIT. Land value(statement of financial position)                       $ 99000

CREDIT. Revaluation surplus account                                                                     $99000

This is to record the surplus on revaluation.

The land will be shown at its market value of $100000 in the statement of financial position under non current assets and the revaluation surplus will appear under equity.

No depreciation will apply on land. land is not a diminishing asset

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