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CIMA Exam CIMAPRA17-BA3-1 Topic 1 Question 86 Discussion

Actual exam question for CIMA's CIMAPRA17-BA3-1 exam
Question #: 86
Topic #: 1
[All CIMAPRA17-BA3-1 Questions]

Mr UY has just had property P re-valued. Mr UY originally purchased property P for 560,000. It is now worth 780,000.

Which ONE of the following shows how this transaction should be recorded in Mr UY's property account?

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Suggested Answer: A

by Tamala at May 02, 2024, 03:53 PM

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Shenika
1 months ago
Option B is the correct answer. The increase in value is recorded as a debit to the property account.
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Kris
12 days ago
Option B is the correct answer. The increase in value is recorded as a debit to the property account.
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Hannah
16 days ago
B) 220,000 debit
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Ariel
22 days ago
A) 220,000 credit
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Johnetta
1 months ago
Haha, I bet Mr. UY is feeling pretty good about that 220,000 gain! Time to splurge on a new sports car, am I right?
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Latosha
9 days ago
B) 220,000 debit
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Brittni
21 days ago
A) 220,000 credit
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Mayra
2 months ago
I'm not sure about this one. Shouldn't it be a credit since the property value has increased?
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Kattie
16 days ago
D) 780,000 credit
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Jacqueline
18 days ago
Yes, you are correct. The increase in property value should be recorded as a credit.
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Alberta
23 days ago
A) 220,000 credit
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Tammy
2 months ago
Option B looks right to me. We're increasing the value of the property, so it's a debit to the account.
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Amalia
16 days ago
Option B looks right to me. We're increasing the value of the property, so it's a debit to the account.
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Chery
1 months ago
B) 220,000 debit
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Jettie
1 months ago
A) 220,000 credit
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Jutta
3 months ago
But wouldn't the increase in property value be recorded as a credit in the account?
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Jamal
3 months ago
I disagree, I believe the correct answer is D) 780,000 credit.
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Jutta
3 months ago
I think the answer is B) 220,000 debit.
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