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How to show the journal entries to record the transactions

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Reference no: EM132565660

                                dr               cr

Land (at revalution) 11000

Building (at revalution)                       32000

Accumulated deprecition (1/7/18):

buildings                           3840

  • The building was revalued for the first time on 1 July 2015 where the revaluation result in a deficit of RM150,000. The remaining useful life of the building for on 1 July 2015 was 25 years. The building was revalued on 1 July 2018 at RM32,500,000.
  • The land was also revalued for the first time on 1 July 2015 at a surplus. The fair value of the land drop to RM10,000,000 on 30 June 2018, but was never recorded by the company.
  • The land is not depreciated. The motor vehicles, and fixtures and fittings are depreciated on straight line basis at 10% per annum

Question:

Question 1: Prepare the journal entries to record the transactions based on note no.2

Reference no: EM132565660

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