The financial year of Company X starts from $1$st$.$ May every year. On $20$th September $2019,$ X$.$ ltd acquired the following non$-$current assets:

On Cash On Finance lease On Hire Purchase

Land $15,000,000-$

Buildings $22,000,000-$

Plant and machinery $3,600,0002,500,00015,000,000$

Motor vehicles $6000,00017,000,00012,000,000$

Fixtures & Fittings $15,400,0002,000,000$

$16,500,000$

The company's policy is to charge depreciation at the following rates:

Rate

Land Nil

Buildings $8\%$ on cost

Plant and machinery $10\%$ on cost$.$

Motor vehicles, Fixtures & Fittings $9\%$ on reducing balance method.

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

The following transactions took place:

$1.$ On $9$th October $2022,$ the company decided to revalue its buildings up to sh$\mathrm{.}28,000,000.$

$2.$ On $8$ March $2023,$ one of the fixtures & fittings that was on finance lease for Sh$\mathrm{.}2,100,000$ was sold for Sh$\mathrm{.}1,980,000.$

$3.$ On $1$st April $2020,$ a new motor vehicle was cash purchased for Sh$\mathrm{.}4,800,000$ and another one hire purchased at sh$\mathrm{.}1,500,000.$

Note: Working notes and any necessary explanations should be provided.

Required

a$)$ Account for these assets as per IAS $16$ for the first four financial years. $(2019-2023)$

$(30$ marks$)$

b$)$ In each year start the figures that will appear in the balance sheet. $(10$ marks$)$

c$)$ Explain any five most appropriate Principles that has helped you to perform the above accounting. $(15$ marks$)$