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    Actgnp Assignment

    Uploaded by

    Ian Jay Descutido

    Copyright:

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

    Actgnp Assignment

    Uploaded by

    Ian Jay Descutido
    32 views2 pages

    Copyright

    © © All Rights Reserved

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    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    32 views2 pages

    Actgnp Assignment

    Uploaded by

    Ian Jay Descutido

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    You are on page 1of 2

    Name: Ian Jay M.

    Descutido Course & Section: BSMA 3B

    ITEMS COST REASON


    1. SWINES- BIOLOGICAL P9,000.00 Biological assets are measured
    ASSET at fair value less cost to sell.
    2. MONO BLOCK CHAIRS- P25,000.00 The mono block chairs are
    NONE OF THE ABOVE considered as semi-expandable
    property, since it does met the
    50,000 threshold to be classified
    as PPE. Half of the mono block
    chairs are issued to end user,
    thus it is expense and the
    remaining is recognize at the
    end of the year.
    3. REFERENCE BOOKS- PPE P58,500.00 PPE is measured at cost
    4. EGGS- NONE OF THE P620.00 Agricultural produce is
    ABOVE measured at fair value less cost
    to sell
    5. BARANGAY HALL A- P500,000.00 Upon completion of a self-
    INVESTMENT PROPERTY constructed investment
    property all the cost related to
    its construction is transferred to
    the “investment property”
    account.
    6. NARRA TREES – P115,000.00 Biological assets are measured
    BIOLOGICAL ASSET at fair value less cost to sell
    7. WELFARE GOODS- P48,000.00 When inventories are acquired
    INVENTORY through a non-exchange
    transaction their cost shall be
    measured at their fair value as
    at the date of acquisition.
    8. HOUSE 41- P250,000.00 Investment property is
    INVESTMENT PROPERTY measured at cost
    9. BARANGAY PLAZA- PPE P200,00.00 PPE is measured at cost
    10. COCUNUT TREES- P80,000.00 The biological asset is measured
    BILOGICAL ASSET at fair value less cost to sell
    11. PATROL TRICYCLE- PPE P50,000.00 PPE that is acquired through
    donation shall be measured at
    its fair value as of the date it is
    acquired.
    12. LAND C- INVESTMENT P300,000.00 Investment property is
    PROPERTY measured at cost.
    13. BOND PAPER- P1,400.00 Inventory is measured at cost.
    INVENTORY In this situation 5 reams of the
    bond paper amounting to 1,000
    is not yet delivered, therefore it
    is not recognized.
    14. CATTLES- BIOLOGICAL P60,000.00 Biological assets are measured
    ASSET at fair value less cost to sell.
    15. BUILDING 8- PPE P0 The PPE is already sold.
    16. SUPPLIES- INVENTORY P25,000.00 Inventories are measured at
    cost.
    17. PHOTOCOPY MACHINE- P0 The PPE is already sold.
    PPE
    18. POULTRY- BIOLOGICAL P150,000.00 Biological asset is measured at
    ASSET fair value less cost to sell.
    19. DRUGS AND P0 The inventories are already
    MEDICINES- INVENTORY distributed.
    20. MANGO TREES- P80,000.00 Biological asset are measured at
    BIOLOGICAL ASSET fair value less cost to sell.

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