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