PAS-41 - Mrs. Comia PDF

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PAS 41 – AGRICULTUREName _________________________________________ Date _________ Score_______Multiple ChoiceClassification Use the following information for the next four questions: The following information pertains to Madagascar Co. Sheep 500,000 Wool 6, Rubber products 10,000 Thread 3, Trees in ...

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PAS 41 – AGRICULTURE Name _________________________________________ _______

Date _________ Score

Multiple Choice Classification Use the following information for the next four questions: The following information pertains to Madagascar Co. Sheep 500,000 Wool Rubber products 10,000 Thread Trees in a timber plantation 95,000 Felled trees Maize plants 40,000 Clothing Lumber 62,000 Milk Pigs 200,000 Carcass Roasted peanuts 20,000 Sugar Cotton plants 10,000 Harvested cotton Peanut plants 5,000 Harvested peanuts Sugarcane 25,000 Harvested cane Tobacco plants 45,000 Picked leaves Tea bushes 800,000 Oil palms Dairy cattle 1,000,000 Picked grapes Fruit trees 600,000 Picked fruit Tea 43,000 Grape vines Rubber trees 300,000 Harvested latex Yarn 22,000 Cured tobacco Carpet 33,000 Wine Logs 45,000 Processed fruit Wheat plants 60,000 Palm oil Cheese 75,000 Bean plants Sausages 88,000 Cured hams

6,000 3,000 8,000 150,000 9,000 7,000 67,000 13,000 140,000 22,000 3,000 300,000 2,000 10,000 2,000,000 10,000 320,000 500,000 20,000 50,000 20,000 92,000

1. How much is classified as biological assets that are accounted for under PAS 41 Agriculture? a. 2,660,000 b. 2,000,000 c. 6,000,000 d. 2,250,000 2. How much is classified as property, plant and equipment that are accounted for under PAS 16 Property, Plant and Equipment? a. 4,000,000 b. 4,860,000 c. 4,560,000 d. 3,650,000 3. How much is classified as agricultural produce? a. 149,000 b. 248,000 c. 290,000

d. 250,000

4. How much is classified as inventory? a. 1,480,000 b. 1,580,000 c. 1,540,000 d. 1,880,000

Biological Assets Agricultural Produce Inventory PPE

Measurement Use the following information for the next three questions: The following information pertains to a biological asset of PETRIFY STUN Co. Estimated selling price ₱80,000 Commissions to brokers 4,000 Transport costs 2,800 Levies by commodity exchange 1,200 Transfer taxes and duties 2,000 Advertising costs 800 5. How much is the fair value of the biological asset? a. 80,000 b. 77,200 c. 70,000 d. 69,200 6. How much is the cost to sell of the biological asset? a. 7,200 b. 10,000 c. 10,800 d. 12,000 7. How much is the valuation of the biological asset in PETRIFY’s statement of financial position? a. 80,000 b. 77,200 c. 70,000 d. 69,200 Loss on initial recognition of biological asset 8. On January 1, 20x1, SPAT QUARREL Co. acquired a biological asset at its fair value of ₱40,000. Necessary costs incurred on the purchase totaled ₱8,000. It was estimated that if the biological asset is to be sold currently, costs to sell would amount to ₱2,000. How much is the loss recognized on January 1, 20x1? a. 38,000 b. 30,000 c. 10,000 d. 0 Gain on initial recognition of biological asset 9. On August 1, 20x1, a dairy cattle of WOO COURT Co. gave birth to a calf. The fair value less cost to sell of a newly born calf as of August 1, 20x1 is ₱20,000. Costs incurred to induce procreation such as costs of artificial insemination, costs of labor and cesarean birth totaled ₱12,000. How much is the gain recognized on August 1, 20x1? a. 8,000 b. 12,000 c. 20,000 d. 0 Gain on initial recognition of agricultural produce 10. On April 1, 20x1, HALLOWED SACRED Co. harvested ripe mangoes. The harvested mangoes have fair value less costs to sell of ₱200,000 on April 1, 20x1. Labor costs incurred in the harvest totaled ₱20,000. The harvested mangoes are initially recognized at a. 20,000 b. 180,000 c. 200,000 d. 220,000 Gains or losses on changes in fair value less cost to sell 11. On January 1, 20x1, the biological assets of SUAVE POLISHED Co. consist of ten 2 year old animals with fair value less cost to sell of ₱40,000 each for a total of ₱400,000. Transactions during the year include the following:  One animal aged 2.5 years was purchased on July 1, 20X1 for ₱43,200.  One animal was born on July 1, 20X1.  No animals were sold or disposed of during the period.

Per-unit fair values less costs to sell are as follows: Newborn animal at July 1, 20X1 ₱28,000 2.5 year old animal at July 1, 20X1 43,200 Newborn animal at 31 December 20X1 28,800 0.5 year old animal at 31 December 20X1 32,000 2 year old animal at 31 December 20X1 42,000 2.5 year old animal at 31 December 20X1 44,400 3 year old animal at 31 December 20X1 48,000 How much is the total gain from the change in fair value less costs to sell during 20x1? a. 116,800 b. 156,800 c. 113,600 d. 88,800...