The financial year of Company X starts from 1st. May every year. On 17th July 2020, X. ltd acquired the following non-current assets:

	Cash/On Credit	On Finance lease	Hire Purchase
Plant & Machinery	50,000	160,000	300,000
Land & Buildings	480,000	320,000	-
Furniture	160,000	150,000	130,000
Motor vehicles	60,000	17000	25,000

Other Fixtures & Fittings 154,000 20,000 60,000

Note: The value of land is 190,000 that was acquired in cash,no land that is on finance lease. 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 & Furniture	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 13th September 2021, the company decided to revalue its Land & buildings up to sh.1,560,000.( Land Sh.400,000)

2. On 8 March 2022, a plant that was on hire purchased for Sh.110,000 was sold for Sh.100,000.

3. On 1 April 2021, a new motor vehicle was acquired on credit from Modern Suppliers ltd for Sh.128,000 and another one hire purchase at sh.50,000.

4. On 1st January 2022 Furniture worth sh. 15,000 were found excessive for business use and the auditor recommended immediate Disposal,the Sale price has not been determined yet.

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.

b) In each year start the figures that will appear in the balance sheet.

c) Point out the Most important accounting concepts that has helped you in the treatment of the above information