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Biological Asset doubt

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › Biological Asset doubt

  • This topic has 0 replies, 1 voice, and was last updated 9 years ago by Chandan.
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  • November 30, 2015 at 4:20 pm #286466
    Chandan
    Member
    • Topics: 24
    • Replies: 36
    • ☆☆

    Hey all

    I’m unable to find the answer of the following question. Could anyone advice?

    Scottson a farmer acquired 600 2 year old cows on 1 January 20X1 for $800 each. 100 calves were born in December 20X1. 150 animals were sold during the year for $840 each.

    The fair value less costs to sell cows at 31 December 20X1 was:

    Calves $200
    2 year old calves $850
    3 year old cows $900

    How much should be recognized in the profit or loss in total in respect of the cows for the year ended 31 December 20X1?

    A $111,000
    B $26,000
    C $91,000
    D $75,000

    I couldn’t find the answer to it online so I am asking you guys. It was in the BPP Final Mock June 2015 paper.

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