S. Mahlangu's farm books indicate that on 1 March 2021 the value of fertilizer stocks on-hand was R32 000. On 16 September 2021, the farm sold fertilizer to the value of R22 000 to Farm Supply and offered him a 5% discount for paying immediately by an EFT. On 14 October 2021, the farm purchased fertilizer to the value of R150 000 on credit from Farmers' Co-op. The Farmers' Co-op account was settled in full on 30 November 2021 by way of an EFT payment. On 28 February 2022, the value of fertilizer stock on-hand was R30 000. You are required to: 2.1 Show the Ledger entries for the above transactions, and 2.2 Close off the fertilizer account to determine the cost of fertilizer used by S. Mahlangu's farm during the 2021/22 financial year.
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- Problem 1. At the beginning of the year, government agency purchases seven 1-year old pigs for P5,000 each. The following occurred during the period: • On June 30, 2021, twelve piglets were born. The FVLCS on this date is P1,500 each. • On July 1, 2021, three half-year old pigs were purchased for P3,500 each. • On December 31, 2021, fourteen piglets were born. FVLCS of which is P1,800 each. The FVLCS on December 31, 2021 are as follows: AGE FVLCS New born P1,800 0.5 year old P2,500 1 year old P4,500 2 years old P6,500 An entity purchased a livestock for P100,000. Transportation costs would be 15,000. 1. How much is the fair value of the livestock? 2. If there is no quoted price in an active market, the entity shall estimate the market price based on the followingProblem 1. At the beginning of the year, government agency purchases seven 1-year old pigs for P5,000 each. The following occurred during the period: • On June 30, 2021, twelve piglets were born. The FVLCS on this date is P1,500 each. • On July 1, 2021, three half-year old pigs were purchased for P3,500 each. • On December 31, 2021, fourteen piglets were born. FVLCS of which is P1,800 each. The FVLCS on December 31, 2021 are as follows: AGE FVLCS New born P1,800 0.5 year old P2,500 1 year old P4,500 2 years old P6,500 a. Compute for the change in FVLCS due to price change b. Compute for the change in FVLCS due to physical change c. Journal entry relating to the purchase on January 1, 2021. d. Journal entry relating to June 30, 2021 e. Journal entry relating to July 1, 2021 f. Journal entry relating to December 31, 2021 g. Total carrying amount of the pigs on December 31, 2021. Problem 2. An entity purchased a livestock for P100,000. Transportation…Farm Solutions, Inc, sold the following items to farmers for the taxable quarter ending June 30, 2021:Fertilizers P3,040,000Pesticides 2,260,000Seeds 3,200,000Seedlings 6,050,000Farm equipment 18,730,000Total P33,280,000 1. How much is Farm Solutions, Inc's Output VAT 2. When should Farm Solutions file its VAT return for the taxable quarter ending June 30, 2021 3. When should Farm Solutions file its VAT return for the taxable quarter ending June 30, 2021 4. Assuming Farm Solutions is an agricultural cooperative, and the farmer are its members, how much is Farm Solutions' output VAT?
- PROBLEMS Problem 1. At the beginning of the year, government agency purchases seven 1-year old pigs for P5,000 each. The following occurred during the period: • On June 30, 2021, twelve piglets were born. The FVLCS on this date is P1,500 each. • On July 1, 2021, three half-year old pigs were purchased for P3,500 each. • On December 31, 2021, fourteen piglets were born. FVLCS of which is P1,800 each. The FVLCS on December 31, 2021 are as follows: AGE FVLCS New born P1,800 0.5 year old P2,500 1 year old P4,500 2 years old P6,500 Journal entry relating to the purchase on January 1, 2021. d. Journal entry relating to June 30, 2021 e. Journal entry relating to July 1, 2021 f. Journal entry relating to December 31, 2021 g. Total carrying amount of the pigs on December 31, 2021. Problem 2. An entity purchased a livestock for P100,000. Transportation costs would be 15,000. a. How much is the fair value of the livestock? b. If there is no quoted price in an…1- James owns a grocery store in north Westley, UK. He purchased £50,000 worth of goods from his suppliers and sold for £100,000 worth of goods to his customers in the month of September 2019 excluding VAT. The rate of VAT is 10%. Calculate the input VAT? a. £5,000 b. £10,000 c. £4,000 d. None of the optionsLex Company offers its customers a pottery cereal bowl if they send in 3 boxtops from Cute Company boxes and P 1. The company estimates that 60% of the boxtops will be redeemed. In 2020, the company sold 675,000 boxes of Lex Company and customers redeemed for 330,000 boxtops receiving 110,000 bowls. If the bowls cost Lex Company P 3 each, how much liability outstanding premiums should be recorded at the end of 2020? a. P 270,000b. P 50,000c. P 75,000d. P 138,000
- Greenwell Farm Equipment sells a tractor to Farmer for $90,000 on January 1, 2025. The tractor is delivered that day. Greenwell agrees that the Farmer may delay the payment for 2 years. The market rate of interest is 8%. Refer to Greenwell Farms. How much sales revenue will Greenwell report on January 1, 2025? Use the formula approach.1. Frizzies cc bought an ice machine from Icies R Us on 05 November 2021 for N$20,000. Frizzies cc can buy the same machine today at N$22,000 from Machinery co. Frizzies can also sell the machine in the market today for N$23,000 and pay delivery fees of N$500. Frizzies cc expects to de-recognise the ice machine in 5 years after it earns a present value of N$30,000. In which financial statement would Frizzies cc recognize the Asset bought on November 05th, 2021 a. Statement of profit and loss and other comprehensive income b. Statement of cash flow c. Statement of financial position d. Accounting policies and explanatory notes e. Statement of owner’s equityLas Piñas Company includes one coupon in each package of cereal it sells. A towel is offered as a premium to customers who send in 10 cuopons. Data for the premium offer are: 2018 2019 Packages of cereal sold 500,000 800,000 # of towels purchased at 40 per towel 30,000 60,000 # of towels distributed as premiums 20,000 50,000 # of towels to be distributed as premium Next period 5,000 3,000 In its 2019 income statement, what amount of premium expense should be reported?
- On January 2, 2017, Criswell Acres purchased from Mifflinburg Farm Supply a new tractor that had a cash selling price of $109,837. As payment, Criswell gave Mifflinburg Farm Supply $25,000 in cash and a $100,000, five-year note that provided for annual interest payments at 6%. At the time of the sale, the interest rate normally charged to farms with Criswell's credit rating is 10%. Required: 1. Prepare Mufflinburg Farm Supply's journal entry to record the sale. 2. Prepare the journal entry to record the first interest payment Mifflinburg Farm Supply received on December 31, 2017. 3. Determine the note receivable balance that Mifflinburg Farm Supply will report on December 31, 2018. 4. Determine Mifflinburg Farm Supply's note receivable balance on December 31, 2018, assuming that the company reports notes receivable at fair value and the relevant rate of interest at that time has fallen to 8%. Assume that the December 31, 2018, interest payment has been made.Fry Company offers its customers a pottery cereal bowl if they send in 3 boxtops from Fry boxes and P2. The company estimates that 60% of the boxtops will be redeemed. In 2020, the company sold 675,000 boxesof Fry and customers redeemed 330,000 boxtops receiving 110,000 bowls. If the bowls cost Fry Company P6each, how much liability for outstanding premiums should be recorded at the end of 2020?a. P540,000 c. P150,000b. P100,000 d. P276,000On January 1, 2021, Hodge Beanery received $8,000 from the Kennedy Company in exchange for a coffee roaster that it will deliver to Kennedy on December 31, 2021. Assuming that Hodge views the time value of money to be a significant component of this transaction, and that a 9% interest rate is applicable. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)