what are the accounting entries for IAS 41?

Question

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?

Answer 1

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