COURSE: DIPLOMA IN ACCOUNTING

SUBJECT: FINANCAIL ACCOUNTING & REPORTING 4

I NEED ANSWER ANSWER FOR QUESTION 3 & 4

Question 3 Nona Bhd owns 20 acres of durians. The company's activities include planting and managing the durians trees, such as pruning, irrigation and fertilizer application. The company use durians fruitsto produce a variety of durian food products, such as durian ice cream, frozen durian pulp and crunchy durian roll. The company exports the processed products to Indonesia and Brunei. Required: explain whether the above activities are within the MFRS 141. Question 4 On 1 January 2018, Nona Farm Bhd purchased 1000 sheep at a cost of RM500,000. The company's financial year end is 31 December. It is estimated that the fair value of sheep in the market on 31 December 2018 is RM515,000. The company estimate that commission to dealers is about RM3,000 and transportation cost of RM2,000 to bring the sheep to the market. Required: explain how the above transactions are presented in the financial statement of Nona Farm Bhd as at 31 December 2018