Moo Bhd., acquired 600 two-year old cows on 1 January 20X1 for RM800 each. 100 calves...
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Moo Bhd., acquired 600 two-year old cows on 1 January 20X1 for RM800 each. 100 calves were born in December 20X1. 150 animals were sold during the year for RM840 each. The fair value less costs to sell the cows at 31 December 20X1 was: RM Calves Two-year old cows Three-year old cows 200 850 900 Prepare the journal entries for the above transactions and the extracts of financial statements for Moo Bhd. for the year ended 31 December 20X1. Moo Bhd., acquired 600 two-year old cows on 1 January 20X1 for RM800 each. 100 calves were born in December 20X1. 150 animals were sold during the year for RM840 each. The fair value less costs to sell the cows at 31 December 20X1 was: RM Calves Two-year old cows Three-year old cows 200 850 900 Prepare the journal entries for the above transactions and the extracts of financial statements for Moo Bhd. for the year ended 31 December 20X1.
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IAS 41 Agriculture The biological assets should be valued at fair value at initial recognition Later ... View the full answer
Related Book For
Financial Accounting and Reporting
ISBN: 978-0273744443
14th Edition
Authors: Barry Elliott, Jamie Elliott
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