Exercises Answer - Problem2 (Refer Notebook)

Answer to Assignment
GIVEN FACTS:
2011
Immature
Unit price
Commission per unit - Loss
Transfer tax per unit - Loss
2012
200
20
6
174
2011
Mature
Unit price
Commission per unit - Loss
Transfer tax per unit - Loss
2012
2011
270
27
12
231
260
26
12
222
2014
290
29
14
247
2013
310
31
16
263
2014
60
6
2
52
70
7
3
60
1,000
1,500
2,000
100
2013
120
2014
140
50
60
55
100
60
140
2012
200
100
240
24
10
206
50
5
1
44
2011
2014
2013
2012
Sales
Transactions
Acquisition of immature calf
Acquisition of mature calf
Birth of a new immature calf
Sale of mature cow
220
22
8
190
250
25
10
215
Produce - for sale

Unit price
Commission per unit - expense
Transfer tax per unit - expense
FVLCTD
2013
Per Unit
Journal Entries
2011
2013
2014
2011
Immature
Beginning
Acquisition
New born
Transfer to mature
200
200
100
50
(200)
150
150
120
55
(150)
175
175
140
60
(175)
200
174
190
206
222
34,800
28,500
36,050
44,400
200
FVLCTD
Carrying Amount of BA - Immature
2012
2011
Mature
Beginning
Acquisition
Sales
Transfer from immature
2012
2013
2014
100
240
290
100
(60)
200
240
(100)
150
290
(140)
175
325
215
231
247
263
21,500
55,440
71,630
85,475
Grand Total
56,300
83,940
107,680
129,875
100
FVLCTD
Per Pesos - Reconciliation of carrying amount

2011
Immature
Beginning
Acquisition
New born
Transfer to mature
Change in FV due to Price
34,800
34,800
2012
2013
2014
34,800
19,000
9,500
(38,000)
3,200
28,500
24,720
11,330
(30,900)
2,400
36,050
31,080
13,320
(38,850)
2,800
28,500
36,050
44,400
2011
Mature
Beginning
Acquisition
Sales
Transfer from immature
Change in FV due to Physical
Change in FV due to Price
21,500
2012
2013
2014
21,500
(13,860)
38,000
8,200
1,600
55,440
(24,700)
30,900
6,150
3,840
71,630
(36,820)
38,850
7,175
4,640
21,500
55,440
71,630
85,475
Grand Total
56,300
83,940
107,680
129,875
46,200
38,000
8,200
37,050
30,900
6,150
46,025
38,850
7,175
FV of transferred mature
FV of transferred immature
Due to physical change
urnal Entries
Biological Assets-Immature
Biological Assets-Mature
Loss on change in FV due to Price
Cash
#
34,800
21,500
8,700
65,000
2012
Cash
#
Gain from Change in FV due to Physical
#
Cash
Commission
Transfer tax
Gain on sale
2013
19,000
3,000
2014
24,720
4,080
22,000
9,500
31,080
5,320
28,800
11,330
9,500
13,860
1,620
720
13,320
11,330
24,700
2,900
1,400
13,860
2,340
36,820
4,340
2,240
24,700
4,300
#
Gain from Change in FV due to Physical
#
Gain from change in FV due to Price
#
Agricultural Produce
Gain from change in FV due to Physical
#
46,200
37,050
38,000
8,200
3,200
1,600
46,025
30,900
6,150
2,400
3,840
4,800
44,000
2,800
4,640
6,240
78,000
44,000
120,000
78,000
Cash
Commission
Transfer tax
Sales
44,000
5,000
1,000
78,000
9,000
3,000
50,000
120,000
14,000
6,000
90,000
#
Cost of sales
Agricultural produce
44,000
78,000
44,000
120,000
78,000
#
INCOME STATEMENT
2012
Sales
Cost of Sales
Gross Profit
Aggregate gain from change in FV
Gain on sale of bio assets
Total
Expense
Net Income
2013
2014
50,000
44,000
6,000
63,500
2,340
90,000
78,000
12,000
97,640
4,300
140,000
120,000
20,000
142,615
6,580
71,840
113,940
16,300
169,195
26,580
#VALUE!
97,640
142,615
Pr
2014
36,400
13,320
36,820
6,580
38,850
7,175
7,440
120,000
140,000
120,000
Quantity
Consumable
Price
Cost of disposal
Quantity purchased
No. of slaughtered
No. of kilos of produce
Selling price of carcasses/kilo
Cost of slaughtering/kilo
Beginning
Purchases
Slaughtered
Ending
FVLCTD
Beginning
Purchases
Slaughtered
FV due to Price
3,000
Amount
1,200,000
400 fvctd
January
450
18
750
February
460
21
600
March
465
19
820
January
900
4,950
February
1,000
5,860
March
850
5,117
115
12
119
11
118
10
3,000
750
(900)
2,850
2,850
600
(1,000)
2,450
2,450
820
(850)
2,420
432
1,231,200
439
1,075,550
446
1,079,320
509,850
632,880
552,636
1,200,000
324,000
(388,800)
96,000
1,231,200
1,231,200
263,400
(439,000)
19,950
1,075,550
1,075,550
365,720
(379,100)
17,150
1,079,320
Biological Assets
Cash
Gain from Change in FV due to Price
Gain from change in FV due to Physical
Biological Assets
Cash
January
324,000
13,500
February
263,400
12,600
337,500
96,000
March
365,720
15,580
276,000
19,950
96,000
509,850
17,150
19,950
632,880
61,650
388,800
59,400
552,636
129,420
439,000
64,460
March
381,300
17,150
122,366
379,100
51,170
A. Marlene D. Sixto - Custodian

General Operations Fund
Amount of fund per count
Amount of fund
Overage
30,005.34
30,000.00
5.34
B. Rose Mae Ireen Mayol - Custodian

Revolving Fund
Amount of fund
Overage
70,031.81
70,000.00
31.81
C. Avegail Salas - Custodian

Cash Advance Fund
Amount of fund
Overage
20,106.23
20,000.00
106.23

Exercises Answer - Problem2 (Refer Notebook)

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Exercises Answer - Problem2 (Refer Notebook)

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Copyright:

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Answer to Assignment

Produce - for sale

Carrying Amount of BA - Immature

Per Pesos - Reconciliation of carrying amount

Carrying Amount of BA - Immature

A. Marlene D. Sixto - Custodian

B. Rose Mae Ireen Mayol - Custodian

C. Avegail Salas - Custodian

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