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PROBLEM 3: EXERCISES 1. Road Co. has the following assets as at the reporting date (stated at fair values less costs to sell): -3,000,000 1,200,000 Land used to grow agricultural crops Herd of cattle grown to be butchered for their meat Fruit trees grown to produce fruits for sale Rice plants grown to produce rice for sale 800,000 600,000 Requirement: How much is the total biological assets to be accounted for under PAS 41?

PROBLEM 3: EXERCISES 1. Road Co. has the following assets as at the reporting date (stated at fair values less costs to sell): -3,000,000 1,200,000 Land used to grow agricultural crops Herd of cattle grown to be butchered for their meat Fruit trees grown to produce fruits for sale Rice plants grown to produce rice for sale 800,000 600,000 Requirement: How much is the total biological assets to be accounted for under PAS 41?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Intermediate Accounting: AGRICULTURE

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PROBLEM 3: EXERCISES 1. Road Co. has the following assets as at the reporting date (stated at fair values less costs to sell): -3,000,000 Land used to grow agricultural crops Herd of cattle grown to be butchered for their meat Fruit trees grown to produce fruits for sale Rice plants grown to produce rice for sale 1,200,000 800,000 600,000 Requirement: How much is the total biological assets to be accounted for under PAS 41? 2. Steele Co. has the following assets: Coffee plants Harvested coffee beans 100,000 40,000 Harvested mangoes 200,000 Timber trees 600,000 Mango trees 800,000 300,000 700,000 Felled trees Wooden furniture Requirements: Compute for the amounts of the following: Biological asset Agricultural produce Property, plant and equipment Inventory i. ii. iii. iv. 3. Sound Co. has the following assets: 100,000 40,000 200,000 600,000 800,000 300,000 700,000 Maize plants Rubber trees Rubber shoes Harvested latex Palm oil Oil palms Corn oil
Transcribed Image Text:PROBLEM 3: EXERCISES 1. Road Co. has the following assets as at the reporting date (stated at fair values less costs to sell): -3,000,000 Land used to grow agricultural crops Herd of cattle grown to be butchered for their meat Fruit trees grown to produce fruits for sale Rice plants grown to produce rice for sale 1,200,000 800,000 600,000 Requirement: How much is the total biological assets to be accounted for under PAS 41? 2. Steele Co. has the following assets: Coffee plants Harvested coffee beans 100,000 40,000 Harvested mangoes 200,000 Timber trees 600,000 Mango trees 800,000 300,000 700,000 Felled trees Wooden furniture Requirements: Compute for the amounts of the following: Biological asset Agricultural produce Property, plant and equipment Inventory i. ii. iii. iv. 3. Sound Co. has the following assets: 100,000 40,000 200,000 600,000 800,000 300,000 700,000 Maize plants Rubber trees Rubber shoes Harvested latex Palm oil Oil palms Corn oil
Vegetable oil Baby oil 200,000 400,000 Requirements: Compute for the amounts of the following: Biological asset Agricultural produce iii. i. ii. Property, plant and equipment iv. Inventory 4. At beginning of the period, Trip Co.'s biological assets have a total fair value less costs to sell of P1,300,000. At the end of the period, the fair value less costs to sell increased to P1,500,000. There were no increases or decreases in the number of biological assets during the year. Requirement: Provide the year-end adjusting entry.
Transcribed Image Text:Vegetable oil Baby oil 200,000 400,000 Requirements: Compute for the amounts of the following: Biological asset Agricultural produce iii. i. ii. Property, plant and equipment iv. Inventory 4. At beginning of the period, Trip Co.'s biological assets have a total fair value less costs to sell of P1,300,000. At the end of the period, the fair value less costs to sell increased to P1,500,000. There were no increases or decreases in the number of biological assets during the year. Requirement: Provide the year-end adjusting entry.
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