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Acc Case Study

In: Business and Management

Submitted By uyulroslan
Words 639
Pages 3
1. How would you account for the farm land of 17.5 h.a?

The owner of LTT aquaculture said that, they have invested some rm5 mil in the project over the last six years.
A = L + C + R - E
↑ = 0 ↑ 0 0
Notes : Invest capital into the business will increase the assets and capital by RM5 mil.

2. How would you account for the concrete ponds?

The owner of LTT aquaculture said the farm currently had some 20,000 tails of empuraus of various sizes in 80 special-effect concrete ponds equipped with filtration system and custom-made ozone level in the water.
A = L + C + R - E
↑ = ↑ 0 0 ↑
Notes: Equipment will increase the asset and the liabilities

3. How would you account for the brookstocks? Is the accounting for empuraus not for broodstocks similar?

Empuraus take three years to reach 1.5kg. The farm has produced six-years old empuraus weighting about 8kg and they are use as broodstocks.
A = L + C + R - E
↑ = 0 ↑ 0 0
Notes: Broodstocks for empuraus will increase the assets and capital because they were use as breeding purposes. They actually produce stock to the company.

No. Accounting for empuraus is not similar to broodstocks as the sales of empuraus will increase in asset and revenue.
A = L + C + R - E
↑ = 0 0 ↑ 0 4. Applying an accrual accounting, how should expenditures on the land, maintenance of the ponds and feeding empuraus is treated?

Land will be accounted as a noncurrent asset under property, plant and equipment. It is also known as a fixed asset. There is no depreciation on value of the land unless there is an indication that the land has decreased in economic value. Expenditures on the land, maintenance of the ponds and feeding empuraus are called as expenses. It is routines repairs and maintenance where it is have to be repeated. Technically, an expense is an event in which an asset is used up or a liability

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