DST Bhd decides to adventure into poultry farming in 2015 with financial year ending in December. DST Bhd engaged Mr Kevin to be the accountant for the company to prepare the financial statements as per Malaysian financial reporting requirement. On 30 May 2015, the company purchased 10,000 chickens at the cost of RM95,000. As at 31 December 2015, the fair value of the chicken is estimated to be RM101,100 and the cost of sell are estimated to be RM1,000. Required: Discuss the accounting treatment for the transaction above. Revision
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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