I have asked this question and Hero has given the answers (please see details below) which are acceptable. However the workings given are only journal entries, the corresponding ledger entries or T-Accounts are also required. Appreciate the workings ledger entries please.

The following are details extracted from the books of Said Sdn. Bhd.:

·      01/01/2016 Buildings at cost amounted to RM850,000.

·      01/01/2016 The balance in the provision for depreciation account was RM85,000.

·      01/06/2016 Purchased a building for RM150,000.

·      01/07/2016 Sold for RM95,000 a building which cost RM100,000. The book value of this building on 01/07/2016 was RM75,000.

·      31/12/2016 The total depreciation for the year ended 31/12/2016 was RM85,000.

·      01/01/2017 The buildings were revalued at RM950,000.

·      31/12/2017 Provide for depreciation at the rate of 3% of the value of the buildings on 01/01/2017.

You are required to show:

(a) The buildings account for the two years 2016 and 2017.

(b) The provision for depreciation account for the two years 2016 and 2017.

(c) The buildings disposal account for the year ended 31/12/2016.

(d) The revaluation reserve account.

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The following are details extracted from the books of Said Sdn. Bhd.:

·      01/01/2016 Buildings at cost amounted to RM850,000.

·      01/01/2016 The balance in the provision for depreciation account was RM85,000.

·      01/06/2016 Purchased a building for RM150,000.

·      01/07/2016 Sold for RM95,000 a building which cost RM100,000. The book value of this building on 01/07/2016 was RM75,000.

·      31/12/2016 The total depreciation for the year ended 31/12/2016 was RM85,000.

·      01/01/2017 The buildings were revalued at RM950,000.

·      31/12/2017 Provide for depreciation at the rate of 3% of the value of the buildings on 01/01/2017.

You are required to show the journal and ledger entries for the followings:

(a) The buildings account for the two years 2016 and 2017.

(b) The provision for depreciation account for the two years 2016 and 2017.

(c) The buildings disposal account for the year ended 31/12/2016.

(d) The revaluation reserve account.