In: Accounting
The following are details extracted from the books of Bio Eve Company:
You are required to show:
(a) The buildings account for the two years between 2018 and 2019.
(b) The provision for depreciation accounts for the two years between 2018 and 2019.
(c) The building's disposal accounts for the year ended 31/12/2018.
(d) The revaluation reserve account.
Building Account | Provision for Depreciation | |||||||||||
Date | Particulars | Amount | Date | Particulars | Amount | Date | Particulars | Amount | Date | Particulars | Amount | |
01-01-18 | To balance b/d | 850,000.00 | 01-07-18 | By building disposal | 100,000.00 | 01-01-18 | By balance b/d | 85,000.00 | ||||
01-06-18 | To Bank | 150,000.00 | 01-07-18 | To Building disposal | 25,000.00 | 31-12-18 | By Depreciation | 85,000.00 | ||||
31-12-18 | By balance c/d | 900,000.00 | 31-12-18 | To balance c/d | 145,000.00 | |||||||
1,000,000.00 | 1,000,000.00 | 170,000.00 | 170,000.00 | |||||||||
01-01-19 | To balance b/d | 900,000.00 | ||||||||||
01-01-19 | To revaluation reserve | 50,000.00 | 31-12-19 | By balance c/d | 950,000.00 | 01-01-19 | By balance b/d | 145,000.00 | ||||
31-12-18 | To balance c/d | 173,500.00 | 31-12-19 | ByDepreciation | 28,500.00 | |||||||
950,000.00 | 950,000.00 | |||||||||||
173,500.00 | 173,500.00 | |||||||||||
Building Disposal Account | Revaluation reserve Account | |||||||||||
Date | Particulars | Amount | Date | Particulars | Amount | Date | Particulars | Amount | Date | Particulars | Amount | |
01-07-18 | To Building | 100,000.00 | 01-07-18 | By Provision for Depreciation | 25,000.00 | 01-01-19 | By Buiding | 50,000.00 | ||||
01-07-18 | To profit on sale of Fixed Asset | 20,000.00 | 01-07-18 | By Cash | 95,000.00 | |||||||
31-12-19 | Tobalance c/d | 50,000.00 | ||||||||||
120,000.00 | 120,000.00 | 50,000.00 | 50,000.00 |