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.