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Ternak Bhd started running a farm which is involved in agricultural activity whereby it buys dairy producing cows. On 1 April 2017, it purchased 1,000
Ternak Bhd started running a farm which is involved in agricultural activity whereby it buys dairy producing cows. On 1 April 2017, it purchased 1,000 dairy cows, with an average age of 2 years old for RM500 each. The following information on the fair values of agricultural activity is available:- Fair value less point-of-sale costs 1/4/17 31/3/18 RM RM 480 550 630 700 Two year old cows (per cow) Three year old cows (per cow) Required: Explain the accounting treatment of the above in the financial statements for the year ended 31 March 2018 in accordance with IAS 41 Agriculture
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