QUESTION 2 REVALUATION Rolls Rocher Bhd has two pieces of land and building was revalued every year. The detailed information of the land for the year ended 31 May 2020,2021 and 2022 were as follows: Land High Land Low Building High Building Low Carrying Amount (iii) 31 May 2019 RM 500,000 400,000 Additional information: 2020 (b) (c) Revaluation as at end of year RM 580,000 360,000 The detailed information of the building for the year ended 31 May 2021 and 2022 were as follows: Cost 1 March 2021 RM 850,000 1 April 2021 650,000 2021 RM 480,000 430,000 2022 RM 500,000 Sold (i) The company adopts the revaluation model in the accounts. (ii) The Building High's and Building Low's remaining useful life were 30 and 60 years. Cost as at the end of year 2022 RM 990,000 2022 (iv) On 31 May 2022, Land Low was sold for RM500,000. The payment was made by cheque on the same day. The company used straight line method and monthly basis to account for the buildings. You are required to prepare: (a) Journal entries to record the above land revaluations. (narrations are not required). (10 marks) Journal entries to record all transactions related to buildings for the year ended 31 May 2021 and 31 May 2022. (narrations are not required, show all workings) (5 marks) Extract Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 May 2020, 2021 and 2022. (10 marks)

QUESTION 2 - REVALUATION Rolls Rocher Bhd has two pieces of land and building was revalued every year, The detalied information of the land for the year ended 31 May 2020,2021 and 2022 were as follows: The detailed information of the building for the year ended 31 May 2021 and 2022 were as follows: Additional information: (i) The company adopts the revaluation model in the accounts. (i) The Building High's and Buiding Low's remaining useful life were 30 and 60 years. (ii) The company used straight line method and monthly basis to account for the builings. (iv) On 31 May 2022, Land Low was sold for RM500,000. The payment was made by cheque on the same day. You are required to prepare: (a) Journal entries to record the above land revaluations, (narrations are not required). (10 marks) (b) Journal entries to record all transactions related to buildings for the year ended 31 May 2021 and 31 May 2022. (narrations are not required, show all workings) ( 5 marks) (c) Extract Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 May 2020, 2021 and 2022. (10 marks)