The following information pertains to Madagascar Co. Sheep 500,000 Wool 6,000 Rubber products 10,000 Thread 3,000 Trees in a timber plantation 95,000 Felled trees 8,000 Maize plants 40,000 Clothing 150,000 Lumber 62,000 Milk 9,000 Pigs 200,000 Carcass 7,000 Roasted peanuts 20,000 Sugar 67,000 Cotton plants 10,000 Harvested cotton 13,000 Peanut plants 5,000 Harvested peanuts 140,000 Sugarcane 25,000 Harvested cane 22,000 Tobacco plants 45,000 Picked leaves 3,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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  1. The following information pertains to Madagascar Co.

Sheep

500,000

Wool

6,000

Rubber products

10,000

Thread

3,000

Trees in a timber plantation

95,000

Felled trees

8,000

Maize plants

40,000

Clothing

150,000

Lumber

62,000

Milk

9,000

Pigs

200,000

Carcass

7,000

Roasted peanuts

20,000

Sugar

67,000

Cotton plants

10,000

Harvested cotton

13,000

Peanut plants

5,000

Harvested peanuts

140,000

Sugarcane

25,000

Harvested cane

22,000

Tobacco plants

45,000

Picked leaves

3,000

Tea bushes 

800,000

Oil palms 

300,000

Dairy cattle

1,000,000

Picked grapes

2,000

Fruit trees 

600,000

Picked fruit

10,000

Tea

43,000

Grape vines 

2,000,000

Rubber trees 

300,000

Harvested latex

10,000

Yarn

22,000

Cured tobacco

320,000

Carpet

33,000

Wine

500,000

Logs

45,000

Processed fruit

20,000

Wheat plants

60,000

Palm oil

50,000

Cheese

75,000

Bean plants

20,000

Sausages

88,000

Cured hams

92,000

 

How much are classified as (1) Biological assets which are accounted for under PAS 41 Agriculture and (2) Agricultural produce?

Biological assets                                            Agricultural produce

  1. 2,000,000                                     230,000
  2. 2,250,000                                     248,000
  3. 2,660,000                                     290,000
  4. 6,000,000                                     149,000
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