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what are the accounting entries for IAS 41?

What are the accounting entries for agriculture and biological assets. Please explain the accounting entries at the time of harvest and transfer of harvest to inventory?

asked Nov 28, 2017 in IAS 41 - Agriculture by Saad

1 Answer

0 votes
All the expenditures till the harvesting, related to the crop are parked in the Balance Sheet as Agricultural/Biological Asset.

At the time of harvest, the proportionate amount, to the harvest produced (based on yield), is transferred to the Agricultural Produce A/c (Inventory)-

Dr.  Agricultural Produce A/c
Cr.  Biological Assets A/c
answered Apr 10 by Naman