Baron Couberg

Solution
B/S at the Beginning for Ivan
Liabilities Bushels of Wheat Assets Bushels of Wheat

Equity 162 Land 100

    Oxen 40

    Current Assets:  

    Wheat 20  

    Fertiliser 2 22

       

Total 162 Total 162

B/S at the Beginning for Fredrick
Liabilities Bushels of Wheat Assets Bushels of Wheat

Equity 101 Land 50

    Oxen 40

    Current Assets:  

    Wheat 10  

    Fertiliser 1 11

       

Total 101 Total 101

 Income Statement for Ivan
Expenses Bushels of Wheat Income Bushels of Wheat

Fertiliser 2 Production 243

Wheat Seeds 20    

Depreciation of Ox 4    

Depreciation of plow 3    

Profit 214    

Total 243 Total 243

       
 B/S at the end for Ivan
Liabilities Bushels of Wheat Assets Bushels of Wheat

Equity 162 142 Land 100

Less: Drawings 20

Profit 214 Oxen 40 36

Less:
Depreciation 4

Plow maker’s debt 3 Current Assets:  

    Wheat 223

       

Total 359 Total 359

 Income Statement for Fredrick

Expenses Bushels of Wheat Income Bushels of Wheat

Fertiliser 1 Production 138

Wheat Seeds 10    

Depreciation of Ox 4    

Depreciation of plow 1    

Profit 122    

Total 138 Total 138

       
 B/S at the end for Fredrick

Liabilities Bushels of Wheat Assets Bushels of Wheat

Equity 101 71 Land 50

Less: Drawings30

Profit 122 Oxen 40 36

Less:
Depreciation 4

    Plow 3 2
Less:
Depreciation 1

    Current Assets:  

    Wheat 105

       

Total 193 Total 193