Kayole Manufacturing limited prepares its accounts on 30 June every year. On 1 July 2001, the companys balance sheet included the following figures for non-current assets:

Cost Accumu. Depre

Sh000 Sh000

Land 40,000 Nil

Buildings 22,000 8,000

Plant and machinery 16,000 6,000

Motor vehicles 6,000 2,000

The companys policy is to charge depreciation at the following rates:

Rate

Land Nil

Buildings 2% on cost

Plant and Machinery 15% on cost

Motor vehicles 20% on cost

A proportionate charge is made in the year of purchase, sale or revaluation of an asset.

During the year ended 30 June 2002, the following transactions took place:

1. On 1 January 2002 the company decided to adopt a policy of revaluing its buildings. Professional valuer engaged for this purpose revalued the buildings at Sh.34 million.
2. On 1 January a plant that had cost Sh.3 million was sold for Sh.500,000. Accumulated depreciation on this plant on 30 June 2001 amounted to Sh.2.3 million. A new plant was then purchased at a cost of Sh.4 million.
3. On 1 April 2002 a new motor vehicle was purchased for Sh.300,000, part of the purchase price was settled by exchanging another motor vehicle at an agreed value of Sh.120,000, the balance of Sh.180,000 was paid in cash. The vehicle which was given in part exchange had cost Sh.200,000 and had a net book value of Sh.100,000 as at 30 June 2001.

Required:

The following ledger accounts to record the above transactions:

1. Buildings account
2. Provision for depreciation on buildings account
3. Plant and Machinery account
4. Provision for depreciation on plant and machinery account
5. Motor vehicles account
6. Provision for depreciation on motor vehicle account