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What journal entry for the disposal of investment property

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Reference no: EM132962853

Problem 1: On 1 June 2021, Mang Bhd sold 1 (one) of its building which is an investment property in Segamat to Koya Bhd for RM800,000 on credit. However, Mang Bhd had to incur RM20,000 cost to realise the sale. The investment property was initially purchased by Mang Bhd at RM550,000 on 1 January 2001. As at 1 June 2021, the accumulated depreciation of the investment property is RM110,000. The journal entry for the disposal of the investment property on 1 June 2021 is:

a) Dr Lease Receivable RM800,000; Cr Investment property (CA) RM440,000; Gain on disposal of investment property - SOPL RM360,000.

b) Dr Lease Receivable RM780,000; Cr Investment property RM440,000 (CA); Gain on disposal of investment property RM340,000.

c) Dr Account receivable-Koya Bhd RM800,000; Cr Investment property RM440,000 (CA); Gain on disposal of investment property - SOPL RM360,000.

d) Dr Account receivable-Koya Bhd RM780,000; Cr Investment property RM440,000 (CA); Gain on disposal of investment property RM340,000.

Reference no: EM132962853

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