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Nerang Orange Farms Ltd Has Orange Tress Which on 30

Question 42

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Nerang Orange Farms Ltd has orange tress which on 30 June 2009 had a fair value of $1,600,000.On 30 April 2010,oranges with an estimated market value of $300,000 were picked.The costs of picking,sorting and packing paid in cash amount to $150,000.The oranges were sold on the same day for $310,000.An independent valuation on 30 June 2006 report that the estimated fair value of the orange trees is $1,500,000.What is the journal entry to recognise the harvest of oranges on 30 April 2010?


A) Nerang Orange Farms Ltd has orange tress which on 30 June 2009 had a fair value of $1,600,000.On 30 April 2010,oranges with an estimated market value of $300,000 were picked.The costs of picking,sorting and packing paid in cash amount to $150,000.The oranges were sold on the same day for $310,000.An independent valuation on 30 June 2006 report that the estimated fair value of the orange trees is $1,500,000.What is the journal entry to recognise the harvest of oranges on 30 April 2010? A) B) C) D) E) None of the given answers.
B) Nerang Orange Farms Ltd has orange tress which on 30 June 2009 had a fair value of $1,600,000.On 30 April 2010,oranges with an estimated market value of $300,000 were picked.The costs of picking,sorting and packing paid in cash amount to $150,000.The oranges were sold on the same day for $310,000.An independent valuation on 30 June 2006 report that the estimated fair value of the orange trees is $1,500,000.What is the journal entry to recognise the harvest of oranges on 30 April 2010? A) B) C) D) E) None of the given answers.
C) Nerang Orange Farms Ltd has orange tress which on 30 June 2009 had a fair value of $1,600,000.On 30 April 2010,oranges with an estimated market value of $300,000 were picked.The costs of picking,sorting and packing paid in cash amount to $150,000.The oranges were sold on the same day for $310,000.An independent valuation on 30 June 2006 report that the estimated fair value of the orange trees is $1,500,000.What is the journal entry to recognise the harvest of oranges on 30 April 2010? A) B) C) D) E) None of the given answers.
D) Nerang Orange Farms Ltd has orange tress which on 30 June 2009 had a fair value of $1,600,000.On 30 April 2010,oranges with an estimated market value of $300,000 were picked.The costs of picking,sorting and packing paid in cash amount to $150,000.The oranges were sold on the same day for $310,000.An independent valuation on 30 June 2006 report that the estimated fair value of the orange trees is $1,500,000.What is the journal entry to recognise the harvest of oranges on 30 April 2010? A) B) C) D) E) None of the given answers.
E) None of the given answers.

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