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    Biological Assets

    Uploaded by

    dewrafanan
    Biological Asset with Solution Manual

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Biological Assets

    Uploaded by

    dewrafanan
    0 views3 pages
    Biological Asset with Solution Manual

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

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    Biological Asset with Solution Manual

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    0 views3 pages

    Biological Assets

    Uploaded by

    dewrafanan
    Biological Asset with Solution Manual

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 3

    FOR ITEMS 1 TO 3

    Plantito Company provided the following data:

    Value of biological asset at acquisition cost Value of biological asset a


    on Dec. 31, 2019 600,000.00 on Dec. 31, 2019
    Increase in value on Dec. 31, 2019 700,000.00 Increase in value on Dec.
    Change in market price to Dec 31, 2020 due 1. B. Carrying Amount of Biolo
    to growth and price fluctuation 100,000.00
    Decrease in market price due to harvest 90,000.00 Carrying Amount of Biolo
    Change in market price to
    1. What is the carrying amount of the biological asset on Dec 31, 2019? to growth and price fluctu
    Decrease in market price
    a. 1,400,000 c. 1,310,000 2. C. Carrying Amount of Biolo
    b. 1,300,000 d. 1,490,000
    Change in market price to
    to growth and price fluctu
    2. What is the carrying amount of the biological asset on Dec 31, 2020? Decrease in market price
    3. C. Gain from change in mar
    a. 1,400,000 c. 1,310,000
    b. 1,300,000 d. 1,490,000

    3. What is the gain from change in market price of biological asset that
    should be shown in 2020 income statement?

    a. 100,000 c. 10,000
    b. 800,000 d. 0

    FOR ITEMS 4 AND 5 Animals


    Honey Company has a herd of 10 2-year old animals on Jan. 1, 2019. 3-year old animal on Dec
    One animal aged 2.5 years was purchased on July 1, 2019 for 108, and 3-year old animal on Dec
    one animal was born on July 1, 2019. No animals were sold or disposed .5 year old animal on Dec
    of during the year. The market price per unit is as follows: 4. A. Market Value of Biologic

    2-year old animal on Jan 1 100.00 2-year old animal on Jan 1


    2.5-year old animal on July 1 108.00 2.5-year old animal on Jul
    New born animal on July 1 70.00 New born animal on July
    2-year old animal on Dec 31 105.00 Carrying Amount / Cost o
    2.5-year old animal on Dec 31 111.00 5. A. Gain in Change in current
    New born animal on Dec 31 72.00
    3-year old animal on Dec 31 120.00
    .5 year old animal on Dec 31 80.00

    4. What is the market value of the biological assets on Dec. 31, 2019?

    a. 1,400 c. 1,440
    b. 1,320 d. 1,360

    5. What is the gain from change in market price of biological assets


    to be recognized in 2019?

    a. 222 c. 300
    b. 292 d. 332
    Value of biological asset at acquisition cost
    on Dec. 31, 2019 600,000.00
    Increase in value on Dec. 31, 2019 700,000.00
    Carrying Amount of Biological Asset - Dec 31, 2019 1,300,000.00

    Carrying Amount of Biological Asset - Dec 31, 2019 1,300,000.00


    Change in market price to Dec 31, 2020 due
    to growth and price fluctuation 100,000.00
    Decrease in market price due to harvest - 90,000.00
    Carrying Amount of Biological Asset - Dec 31, 2020 1,310,000.00

    Change in market price to Dec 31, 2020 due


    to growth and price fluctuation 100,000.00
    Decrease in market price due to harvest - 90,000.00
    Gain from change in market price fty 2020 10,000.00

    Market Price Qty Amount


    3-year old animal on Dec 31 120.00 10.00 1,200.00
    3-year old animal on Dec 31 120.00 1.00 120.00
    .5 year old animal on Dec 31 80.00 1.00 80.00
    Market Value of Biological Assets - Dec 31, 2019 1,400.00

    2-year old animal on Jan 1 100.00 10.00 1,000.00


    2.5-year old animal on July 1 108.00 1.00 108.00
    New born animal on July 1 70.00 1.00 70.00
    Carrying Amount / Cost of the Animals 1,178.00
    Gain in Change in current market price 222.00

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