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chapter 29 agriculture

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › chapter 29 agriculture

  • This topic has 3 replies, 2 voices, and was last updated 8 years ago by MikeLittle.
Viewing 4 posts - 1 through 4 (of 4 total)
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    Posts
  • October 13, 2016 at 1:50 pm #343191
    seista
    Member
    • Topics: 39
    • Replies: 11
    • ☆☆

    sir in the answer part page 43 can u please explain how to arrive at the amount ‘ change in fair value of purchase herd’ and ‘change in fair value of calves.’ under extracts from the statement of profit or loss.
    and the mature herd amount of 2279.50 under extracts from sof f.P
    sorry to be bothering you with such questions but im a slow learner and trying my best

    October 13, 2016 at 5:22 pm #343207
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    I can see nothing about agriculture on page 43, nor 143 nor even 243!

    Here’s what I found on page 202 in the section on answers to chapter questions:

    “W2 Cows
    Under the ‘fair value model’ laid down in IAS 41 the mature cows would be recognised in the balance sheet at 30 September, 2013 at their fair value of 10,000 X $227.95 = $2,279,500
    The difference between the fair value of the mature herd and its cost ($2,279,500 – $2,350,000 = a loss of $70,500) would be charged in the statement of profit or loss, as also will the maintenance costs of $1,175,000”

    Does that help?

    October 13, 2016 at 9:09 pm #343222
    seista
    Member
    • Topics: 39
    • Replies: 11
    • ☆☆

    Thanks alot sir
    Can u please also explain how to arrive at 290.75 change in fv of calves in the same question..
    Why is that we consider onky 3 year old cows as matured and not 2 year olds ?

    October 14, 2016 at 8:04 am #343250
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    5,000 calves, 6 months old = 5,000 x $58.15 = $290,750

    (This is clearly shown in the solution on page 202!)

    “Why is that we consider onky 3 year old cows as matured and not 2 year olds ?” – because the cows are 1 year older! The cows were 2 years old on 1 October, 2012 and we’re looking to prepare the financial statements for the year ended 30 september, 2013

    OK?

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