Standard Chart of Accounts For Manufacturing Operations

MEMORANDUM CIRCULAR
NO. __________
Series of 2007
T O : ALL CONCERNED
SUBJECT : STANDARD CHART OF ACCOUNTS (SCA) FOR

PRODUCERS COOPERATIVES AND OTHER
COOPERATIVES WITH PRODUCTION/
MANUFACTURING OPERATION/ACTIVITIES
Pursuant to Section 3 of Republic Act No. 6939, an Act creating the

Cooperative Development Authority defining its Powers, Functions and
Responsibilities, the Authority hereby issues this Memorandum Circular
prescribing the usage of Standard Chart of Accounts for Producers
Cooperatives and Other Cooperatives with Production/Manufacturing
Operation/Activities.
I. Scope
This Circular shall be applied in accounting and financial

reporting, both interim and year-end reports, of all producers
cooperatives and other types of cooperatives with
production/manufacturing operation/activities, duly
registered/confirmed by the Cooperative Development Authority
(CDA).
II. Objectives and Purposes
The basic purpose of prescribing the standard chart of

accounts is to provide guidelines in the use of account and account
titles in the preparation of financial statements for the use of
producers cooperatives and other cooperatives with
production/manufacturing operation. Specifically the standard chart
of accounts shall:
a) ensure uniformity and common understanding of accounts;
b) guide in the installation of accounting and internal control

systems;
c) facilitate the conduct of audit;

d) enhance transparency;
e) sets standards and discipline in measuring the financial

safety and soundness;
f) facilitate the analysis and evaluation of financial management

performance; and
g) provide basis in monitoring, supervision and business

linkages.
III. Financial Statements
A complete set of financial statements includes the following

components:
• Statement of Financial Condition (Balance Sheet)

shows assets, liabilities, and equity accounts of a business
entity as of a given date. Assets and liabilities are further
classified as current or non-current. Non-current assets
include property, plant and equipment, intangible assets,
investments and financial assets (excluding investments
under the equity method, trade and other receivables and
cash and cash equivalents); while non-current liabilities
include long-term debt, long-term provisions and other
liabilities that will be settled after the current operating
cycle or will not require the use of current assets. Equity
accounts for a cooperative include members’ share
capital, donations and/or grants, and statutory funds.
• Statement of Operations (Income Statement)
presents revenues, costs and expenses, gains and losses
and net surplus or net loss. The items presented are
recognized in the books using accrual basis of accounting.
Expenses are classified according to their function as part
of cost of sales/services rendered, distribution or
administrative activities. In a cooperative the difference
between revenues and expenses is called net surplus that
is allocated in accordance with the Cooperative Code or
the cooperative’s by-laws.
• Statement of Changes in Equity Accounts shows
separately the changes in members’ equity, donations and
grants and statutory funds. Transactions affecting these
accounts include members’ capital build-up, refund of
share capital due to membership withdrawal, acceptance
of donations and grants in cash or in kind and subsequent
utilization, allocation of net surplus to and utilization of
statutory funds.
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• Cash Flow Statement provides information that enables
users to evaluate the changes in net assets of an
enterprise, its financial structure (including its liquidity
and solvency) and its ability to affect the amounts and
timing of cash flows in order to adapt to changing
circumstances and opportunities. It provides information
in assessing ability of the enterprise to generate and use
cash and cash equivalents classified by operating,
investing and financing activities.
• Notes to Financial Statements include narrative
descriptions or more detailed analyses of amounts shown
on the face of the financial statements as well as
additional information such as contingent liabilities and
commitments to achieve fair presentation It also includes
a section describing the accounting policies and the
measurement basis /bases used in the preparation of the
financial statements.
IV. Standard Chart of Accounts for Producers Cooperatives and

Other Cooperatives with Production/Manufacturing
Operation/Activities
ACCOUNT NAME BRIEF DEFINITION/DESCRIPTION
STATEMENT OF FINANCIAL CONDITION

Economic Resources of Cooperatives that are
recognized and measured in conformity with
generally accepted accounting principles taking
ASSETS
into consideration cooperative laws, principles
and practices in the Philippines.
CURRENT ASSETS Assets which are expected to be realized in, or

are held for sale or consumption in, the normal
course of the cooperative's operating cycle; or
held primarily for trading purposes or for the
short-term and expected to be realized within
12 months after the balance sheet date; or is
cash or a cash equivalent asset which is not
restricted to its use.
Cash on Hand Money (bills and coins) still in the possession of

the cooperative's custodian.
Checks & Other Currently dated checks, postal money order

Cash Items (PMO) and demand drafts awaiting deposit.
(COCI)
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Cash in Bank Money deposited in the bank , i.e.
savings,current, time deposits, and combo-
account which are unrestricted and readily
available when needed. A subsidiary ledger
shall be maintained for each bank account.
Cash in Other Money deposited in the federations, i.e.

Cooperatives savings and time deposits which are
unrestricted and readily available when
needed. A subsidiary ledger shall be
maintained for each account.
Petty Cash Fund Limited amount of money set aside for small
expenditures such as stationaries, supplies
and fares, maintained under an imprest
system. The total amount of expenditures
properly supported by documents plus the
remaining cash balance should be equal to
the amount of the fund. At the end of the
accounting/reporting period, this account
should reflect the fund originally set up.
Revolving Fund The amount set aside to cover
disbursements for recurring transactions.
This may include emergency purchases,
deposit withdrawals, etc. involving
reasonable amount set by BOD. Transaction
covered by this fund is subject to immediate
liquidation in accordance with the
cooperative policy.
Change Fund Reasonable amount of money set aside to
change bigger amount of bills to smaller
denominations or coins.
SHORT TERM Investments in marketable securities,
INVESTMENT government bonds, and other mutual funds
that are readily convertible into cash.
Investment at Fair This refers to financial assets that upon

Value through Profit initial recognition are designated by the co-
or Loss op as at fair value through profit or loss.
This shall comprise of both debt and equity
securities and shall be accounted for in the
same manner as Held-to-Maturity (HTM)
securities.
The use of the fair value option shall be in

accordance with the criteria set forth in the
amendments to PAS 39 subject to the
following conditions:
1. co-ops shall have in place appropriate

risk management systems (including
related risk management policies,
procedures and controls) prior to initial
application of the fair value option for a
particular activity or purpose and on an
ongoing basis;
2. co-ops shall apply the fair value option

only to instruments for which fair values
can be reliably estimated; and
3. co-ops shall provide CDA with
supplemental information as may be
necessary, to enable CDA to assess the
impact of the co-op’s utilization of the
fair value option.
Held-to-Maturity This refers to debt securities maturing
(HTM) Financial within the year quoted in an active market
Assets with fixed or determinable payments and
fixed maturity that SCC has the positive
intention and ability to hold to maturity (or
as defined under PAS 39).
Allowance for This refers to the amount of impairment loss
Probable Losses – that has been incurred on HTM securities.
HTM FA
Available-for-Sale This refers to securities that are designated
(AFS) Financial as available-for-sale, which shall be
Assets measured upon initial recognition at their
fair value plus transaction costs that are
directly attributable to the acquisition of
securities. After initial recognition, a co-op
shall measure AFS at their fair values,
without any deduction for transaction costs
it may incur on sale or other disposal. A
gain or loss arising from a change in the fair
value of an AFS security shall be recognized
directly in equity under the account “Net
Unrealized Gains/(Losses) on AFS Financial
Assets” and reflected in the statement of
changes in equity, except for impairment
losses until the financial asset is
derecognized, at which time the cumulative
gain or loss previously recognized in equity
shall be recognized in profit or loss.
However, interest calculated using the
effective interest method is recognized in
profit or loss. Dividends on an AFS equity
security are recognized in profit or loss when
the financial institution’s right to receive
payment is established
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Accumulated This refers to cumulative gains/losses

Gains/Losses - AFS arising from change in the fair value of AFS
securities. The contra cumulative account is
“net unrealized gains or losses on AFS
Financial Asset”, which is a separate
component of equity.
Unamortized The unamortized discount/premium on HTM

Discount/Premium debt securities, which shall be
debited/credited monthly based on the
effective interest method with the
corresponding credit/debit to “Interest
Income – HTM Debt Securities”
Allowance for The amount of impairment loss that has
Probable Losses - been incurred on AFS Securities. This is a
AFS FA temporary account to offset unrealized gains
on investments – AFS.
Unquoted Debt It refers to Unquoted Debt Securities, with
Securities Classified fixed or determinable payments and fixed
Loans maturity. Unquoted Debt Securities
Classified as Loans shall be measured upon
initial recognition at their fair value plus
transaction costs that are directly
attributable to the acquisition of the
securities. After initial recognition, a co-op
shall measure these securities at their
amortized cost using the effective interest
method.
A gain or loss arising from the change in the

fair value of Unquoted Debt Securities
Classified as Loans shall be recognized in
profit or loss when the security is
derecognized or impaired, and through the
amortization process.
Investment in Non- It refers to equity instruments that do not

Marketable Equity have a quoted market price in an active
Securities (INMES) market, and whose fair value cannot be
reliably measured.
INMES shall be measured upon initial

recognition at its fair value plus transaction
costs that are directly attributable to the
acquisition of the security. After initial
recognition, the co-op shall measure INMES
at cost. A gain or loss arising from the
change in fair value of the INMES shall be
recognized in profit or loss when the
security is derecognized or impaired.
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Allowance for Cumulative amount of impairment loss that

Probable Losses - has been incurred on INMES (same
INMES provisions as HTM). The co-op shall assess
at each time it prepares its financial
statements whether there is any objective
evidence that an INMES is impaired.
Accounts The amount due from member and/or non-

Receivables Trade - member patrons resulting from sales of
Current finished goods, merchandise and services
which are expected to be collected within
the credit terms set by the BOD not
exceeding one year. Classified schedules
and aging of accounts receivables should be
prepared.
Accounts Total amount of Accounts Receivable Trade

Receivables Trade - which remain unpaid beyond the credit
Past Due terms set by the BOD.
Accounts Collectibles from the member & non-

Receivables Trade - member patrons whose accounts were
Restructured restructured.
Accounts Total principal amount from past due

Receivables Trade - accounts under legal action. The receivables
in Litigation shall remain in this account during the
pendency of the legal proceedings and until
fully settled.
Allowance for Allowance set aside in the books of the
Probable Losses on cooperative to provide for possible losses
Accounts Receivable due to uncollectible accounts. This account
Trade may also be referred to as Allowance for
Doubtful Accounts. This is a contra account
to Accounts Receivable
Advances to Officers Duly approved cash advances for official

and Employees business to officers and employees, subject
to liquidation in accordance with the policy
of the cooperative.
Receivables from Total collectibles due from accountable

Accountable Officers officers and employees arising from
and Employees shortages, losses and unliquidated cash
advances beyond the prescribed period,
that are subject to immediate settlement/
compromised agreement.
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Real and Other This refers to real and other properties,

Properties Acquired acquired by the co-op in settlement of
(ROPA) receivables through foreclosure or dation in
payment and/or for other reasons. Should
the cooperative use such assets in its main
operation, the same assets shall be re-
classified accordingly
This shall be booked initially at the carrying

amount of the receivables (i.e., outstanding
loan balance adjusted for any unamortized
premium or discount less allowance for
probable losses computed based on PAS 39
provisioning requirements) plus booked
accrued interest less allowance for probable
losses plus transactions costs incurred upon
acquisition (such as non-refundable capital
gains tax and documentary stamp tax paid
in connection with the foreclosure/purchase
of the acquired real estate property):
Provided, That where the booked amount of
ROPA exceeds the appraised value of the
acquired property, an allowance for probable
losses equivalent to the excess of the
amount booked over the appraised value
shall be set up: Provided, further, That if the
carrying amount of ROPA exceeds P5
million, the appraisal of the
foreclosed/purchased asset shall be
conducted by an independent appraiser
acceptable to CDA.
Allowance for This refers to the cumulative amount of
Probable Losses - impairment loss incurred on ROPA, which
ROPA shall be accounted for in accordance with
PAS 36
Other Receivables Transactions not classified under any of the
receivable accounts mentioned.
Biological Asset Animals intended for sale which are valued
Inventory- Animals at cost at the end of the accounting or
reporting period. If there is a permanent
decline in value, impairment loss shall be
recognized. Subsidiary ledger is required
for each type of animal.
Biological Asset Plants intended for sale which are valued at

Inventory - Plants cost at the end of the accounting or
reporting period. If there is a permanent
decline in value, impairment loss shall be
recognized. Subsidiary ledger is required
for each type of plant.
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Agricultural Produce Harvested product of the biological assets at

Inventory fair value at the point of harvest
Raw Materials Cost of raw materials owned at the end of

Inventory the accounting or reporting period
Work in Process Cost of goods still in process at the end of
Inventory an accounting or reporting period
Finished Good Cost of goods completed and available for

Inventory sale at the end of an accounting or reporting
period.
Allowance for the Allowance set aside in the books of the
Decline in value of cooperative to provide for impairment losses
Inventory on inventory. This is a contra account to
Inventories.
Unused Supplies Office, store, agricultural and factory

supplies on hand at the end of an
accounting/reporting period. A subsidiary
ledger is required for each supplies account.
Input Tax Value-added tax due from or paid by a VAT

registered cooperative on the importation or
local purchases of merchandise/goods or
services including lease or use of property.
(in accordance with BIR RR 2005, No. 6, 7 &
8)
Advances to The amount given to suppliers as partial
Suppliers payments/ downpayments for goods and
services to be acquired.
Prepaid Expenses Payments made in advance in exchange for
a future benefit usually within one year (e.g.
insurance, interest, rentals)
NON CURRENT ASSETS All other assets not classified as

current to include tangible, intangible,
operating and financial assets of a long
term nature.
Investments in financial instruments and

INVESTMENT properties as authorized by law.
Investment in Investments in share capital of secondary /

Cooperative tertiary cooperatives where the
Federation cooperative is affiliated.
Investment Investments in debt/equity Instruments

Available for Sale (bonds and corporate share capital) that the
cooperative intends to sell and are
measured at cost
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Investment Property Cost of property (land or building or a

portion thereof) held by the cooperative to
generate income or capital appreciation or
both, not used in production of goods,
supply or services nor for administrative
purposes or sale in the ordinary course of
business measured at cost and subject to
depreciation. These include assets acquired
in settlement of loans/accounts. Fair value
of property must be disclosed at the end of
accounting/reporting period.
Accumulated Total amount of depreciation on Investment
Depreciation - Property (except land) that are set up
Investment Property periodically and charged against the current
operations.
Held-to-Maturity This refers to debt securities, quoted in an

(HTM) Long Term active market with fixed or determinable
Financial Assets (LT payments and fixed maturity that SCC has
FA) the positive intention and ability to hold to
maturity for more than one year (or as
defined under PAS 39).
Unamortized This refers to the unamortized

Discount/Premium discount/premium on HTM debt securities,
which shall be debited/credited monthly
based on the effective interest method with
the corresponding credit/debit to “Interest
Income – HTM Debt Securities”
Probable Losses – impairment loss that has been incurred on
HTM-LT FA HTM LT – FA securities.
Unquoted Debt This refers to unquoted debt securities, with

Securities Classified fixed or determinable payments and fixed
Loans maturity.
Investment in Non- This refers to equity instruments that do not

Marketable Equity have a quoted market price in an active
Securities (INMES) market, and whose fair value cannot be
reliably measured. This includes
investments in cooperative
federations/unions and cooperative banks.
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Probable Losses – impairment loss that has been incurred on
INMES INMES (same as provisions as HTM).
Investment in This refers to the amount of SCC’s
Subsidiaries/ investment in the equity instruments of
Associates and Joint unconsolidated subsidiaries/associates, OR
Ventures joint ventures.
Accounted for in accordance with PAS 27 for

Investment in Subsidiaries, PAS 28 for
Investment in Associates and PAS 31 for
Investment in JVs.
PROPERTY, PLANT AND Include all tangible assets with an estimated
EQUIPMENT useful life beyond one year are used in the
conduct of the business, and not intended
for sale in the ordinary course of business.
Recorded at cost or fair value if donated.
Land The acquisition cost of the land used for its
main operation plus all incidental costs such
as title, taxes, surveying fees, legal fees,
restoration cost, and other costs. All these
are reflected in a single cost (fair value or
appraised value if donated). Taxes paid by
the cooperatives as a contribution to the
cost of public improvements (special
assessment) are treated as part of the cost
of the land. At the end of the accounting/
reporting period, fair value of the property
must be disclosed.
Land Improvements The cost of depreciable improvements after
land acquisition (i.e. fencing, water system,
drainage system, sidewalks, pavements,
and other improvements) that are subject to
depreciation over their useful lives.
Accumulated Total amount of depreciation on land
Depreciation - Land improvement that are set up periodically
Improvements and charged against the current operations.
Building and Acquisition/Construction cost of the building
Improvements and its improvements on the land owned by
the cooperative and used for its main
operation. Major repairs or improvements
that will prolong the life of the building are
considered capitalizable cost. At the end of
the accounting/ reporting period, fair value
of the property must be disclosed.
Accumulated Total amount of depreciation on building
Depreciation- based on cost that are set up periodically
Building and and charged against the current operations.
Improvements
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Building on The cost of construction of new building on a
Leased/Usufruct leased/usufruct land and shall be
Land depreciated over the estimated life of the
building or the lease/usufruct term
whichever is shorter.
Accumulated Total amount of depreciation on building on
Depreciation – Leased/Usufruct Land based on cost that are
Building on Leased/ set-up periodically and charged against the
Usufruct Land current operations.
Construction in Cost of materials, labor and other
Progress construction related cost incurred on
unfinished construction project, prior to
occupancy/actual use. Subsidiary ledger
shall be maintained for each project.
Accumulated This account shall be set up upon occupancy
Depreciation - of the building even if construction is still in
Construction in progress. Depreciation shall apply to the
Progress cost allocated to the occupied area/s. If
unoccupied by the end of the fifth year,
depreciation shall be booked, beginning on
the sixth year, for a period not exceeding 5
years.
THIS ACCOUNT IS
SUGGESTED TO BE DELETED!
Furniture, Fixtures & The cost of movable (furniture), immovable
Equipment (fixtures) properties and office/production/
store equipment used in the cooperative's
ordinary course of business such as but not
limited to desks, chairs, cabinets, computers
including incidental expenses incurred in
acquiring them, up to the time they are
received and ready for use.
Accumulated Total amount of depreciation on Furniture,
Depreciation - Fixture and Office Equipment that are set up
Furniture, Fixture & periodically and charged against the current
Equipment operations
Transportation and Cost of transportation and delivery
Delivery Equipment equipment which are owned by the
cooperative such as pick ups, vans,
motorcycles, and other vehicles used in
transporting goods, services and personnel.
Accumulated Total amount of depreciation on
Depreciation- Transportation and Delivery Equipment that
Transportation and are set up periodically and charged against
Delivery Equipment the current operations.
Farm Equipment Cost of farm equipment which are owned by
the cooperative such as tractors, threshers,
dryers, and other farm equipment used in
producing agricultural/farm products.
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Accumulated Total amount of depreciation on farm
Depreciation - Farm equipment that are set-up periodically and
Equipment charged against the current operations.
Nursery/ Cost of nursery and greenhouse facilities

Greenhouses and equipment used for seedling production
and growing of vegetables.
Accumulated Total amount of depreciation on nursery and
Depreciation - greenhouse that are set-up periodically and
Nursery/Greenhouse charged against the current operations.
Laboratory Cost of laboratory equipment used for

Equipment testing and analysis of inputs, production
process and outputs.
Depreciation - laboratory equipment that are set-up
Laboratory periodically and charged against the current
Equipment operations.
Machineries Cost of machineries equipment owned by

Equipment the cooperative and used in producing
goods and providing services.
Depreciation - machineries equipment that are set-up
Machineries periodically and charged against the current
Equipment operations
Tools and Repair Cost of hand tools and repair equipment

Equipment owned by the cooperative and used to repair
equipment and other machines
Accumulated Total amount of depreciation on tools and

Depreciation - Tools repair equipment that are set-up periodically
& Repair Equipment and charged against the current operations
BIOLOGICAL ASSETS Animals and plants used in the conduct of

business and not intended for sale.
(subsidiary ledger should be maintained for
each account)
Biological Assets- Cost of animals acquired or produced, used
Animals in the conduct of business and not intended
for sale. Subsidiary ledger is maintained for
each kind of animal.
Accumulated Total amount of depreciation on Biological
Depreciation – Assets - Animals that are set-up periodically
Biological Assets - and charged against the current operations
Animals
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Biological Assets- Cost of plants that produces seeds,
Plants seedlings, flowers or fruits, whether
acquired or produced and used in the
conduct of business and not intended for
sale. Subsidiary ledger is maintained for
each kind of plant.
Accumulated Total amount of depreciation on Biological

Depreciation – Assets - plants that are set-up periodically
Biological Assets - and charged against the current operations
Plants
INTANGIBLE ASSETS An identifiable non-monetary asset without
physical substance, controlled by the
cooperatives for which future economic
benefits are expected to flow back and
amortized over the estimated useful life or
legal life whichever is shorter.
Franchise For Franchisor -The cost of developing and

registering the trade mark /brand /logo for a
particular product or services for the
exclusive use and benefit of the coop. For
the Franchisee - the cost of acquiring the
right and privilege to sell goods and services
using the particular trademark/ brand /logo
of the franchisor.
Patent The cost of acquiring the exclusive rights
granted by the state to a patentee (the
inventor or assignee) for a fixed period in
exchange for the regulated, public disclosure
of certain details of a device, method,
process or composition of matter which is
new, inventive, and useful or industrially
applicable
Copyright The cost of acquiring the right for the
exclusive use or distribution of products or
services acquired from an author or artists.
OTHER NON-CURRENT Assets which do not fit into any of the
ASSETS preceding classifications

Probable Losses - impairment loss incurred on ROPA, which
ROPA shall be accounted for in accordance with
PAS 36.
Cooperative Cost incurred prior to the actual operations

Development Cost of the cooperative such as promoting and
organizing, subject to amortization for a
period not exceeding 3 years. Among
others, these costs are:
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a. Professional fees in connection with the

organization;
b. Registration fees;
c. Conduct of PMES prior to registration;
and
d. Other cost of services rendered to the
cooperative.
Cooperative The cost of acquisition or development of
Computerization computer programs and other software
Cost excluding upgrading of system. This is
amortized over a period not exceeding three
(3) years or useful life whichever is shorter.
(Subsidiary Ledger for development cost
and for computer softwares shall be
maintained).
Product/Business Cost of enhancement/improvements of
Development Cost existing products/business and/or
development of new products/
prototypes/samples for production after
establishing the technical and commercial
feasibility, subject to D132amortization and
impairment.
Other Funds and The fund set aside for funding of reserves
Deposits (statutory and other reserves) established
by the coop such as Retirement, Mutual
Benefit and other Funds. This may be in the
form of time deposit or other securities
which are readily convertible to cash when
needed.
Due from HO/ The amounts used to record receivables
Branch/ Subsidiary from Head Office/Branch/Subsidiary.
Leasehold Rights The cost of improvements on leased land or

and Improvements/ premises (i.e. renovations of office building,
Concession Rights repainting, pavement and fencing) including
cost of rights and concession rights which
are subject to amortization over the useful
life of the leased land or premises or the
term of the leased whichever is shorter.
Miscellaneous Assets Assets not falling in any of the above

categories.
Economic Obligations of a cooperative that
are recognized and measured in conformity
with generally accepted accounting
LIABILITIES principles taking into consideration
cooperatives' laws, principles and practices
in the Philippines.
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CURRENT LIABILITIES Obligation is classified as current if: a) it is

reasonably expected to be settled within
the normal operating cycle of the
cooperative; b) it is due within 12 months
after balance sheet date; c) it is held
primarily for the purpose of being traded; or
d) the coop. does not have an unconditional
right to defer settlement of the liability for
at least 12 months after balance sheet date.
Savings Deposits Deposits made by members that can be
withdrawn anytime at the option of the
depositors
Time Deposits Deposits made by members in the
cooperative over a specified period of time
and withdrawable at a predetermined date.
Accounts Payable- Amount of obligations/ indebtedness to
Trade suppliers for purchase of materials/ supplies
for production and other goods intended for
sale
Output Tax Value added tax due on the sale of taxable
merchandise/goods or services by any VAT
registered entity (in accordance with BIR RR
2005-6, 7 & 8)
VAT Payable Excess of output tax over input tax
Accrued Expenses Expenses that have been incurred but not

yet paid as of the end of accounting period.
(e.g. unpaid salaries, utilities, taxes, fees
and other charges)
Accounts Payable- Amount of obligations/ indebtedness to
Others suppliers for purchase of other items not
intended for sale (e.g. supplies, periodicals
and other obligations)
Loans Payable - The indebtedness of the cooperative to
Current financial institutions, other cooperatives or
person(s) which is payable within the
accounting/fiscal period and the current
portion of the Long Term Loans Payable.
SSS/ECC/ Philhealth Amounts withheld by the cooperative from

Premium/Pag-Ibig the compensation/ income of its employees
Contributions representing their premium contributions to
Payable SSS, Philhealth and Pag-ibig agencies. As
an employer, the cooperative has its
corresponding share of contributions and
this should be set up every payroll period.
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SSS/Pag-Ibig Loans Amounts withheld by the cooperative from

Payable the compensation/ income of its employees
representing their payment of loans to SSS
and Pag-ibig agencies.
Withholding Tax All taxes withheld as prescribed by law
Payable including but not limited to the unremitted
withholding tax deducted from the
employees' salaries representing part of
their possible income tax liability to the
Bureau of Internal Revenue (BIR) at the end
of the accounting/reporting period.
Interest on Share Liability of the cooperative to its members

Capital Payable for interest on share capital, which can be
determined only at the end of every
accounting period.
Patronage Refund Liability of the cooperative representing
Payable excess payments of members' patronage of
goods purchased/services received from the
cooperative. This can be determined only at
the end of every accounting period.
Due to Apex (CETF) An amount set aside for the education and
training fund of an apex organization, which
is 50% of the amount allocated, by the
cooperative in accordance with the provision
of the cooperative's by-laws and the
cooperative code. The apex organization
may be either a federation or union of which
the cooperative is a member.
Advances from Amount received as deposits by customers
Customers for delivery of goods or services.
Other Payables Other liabilities that cannot be classified

under any of the preceding current liability
accounts.
NON-CURRENT
All liabilities not classified as current.
LIABILITIES
Loans Payable-Long The indebtedness of the cooperatives to
Term financial institutions, other cooperatives or
person(s) net of current portion and payable
beyond one year.
Discount on The difference between the gross amount
Loans/Bonds and the present value of the long term loan.
Payable
Revolving Capital The deferred payment of interest on share
Payable capital and patronage refund as agreed
upon by the General Assembly.
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Retirement Fund Accumulated retirement benefit costs

Payable charged against the operation of the
cooperative over the expected remaining
working lives of participating employees.
Other Long Term Other Long Term liabilities not elsewhere
Payables classified.
OTHER NON-CURRENT The totality of all other liabilities that cannot
LIABILITIES be classified under any of the preceding
liability accounts.
Project Subsidy Unused portion of the donation/grant for
Fund Payable training, salaries and wages, etc.
Deposit for Share Amount paid by the members for future

Capital Subscription subscription of additional share capital when
the authorized capital has been fully
subscribed and paid pending approval for
the proposed amendment of the Cooperative
Articles of Cooperation.
Mutual Benefit and Funds for special purposes such as
Other Funds Payable member's welfare and benefits, i.e. loan
protection, hospitalization, death,
scholarship assistance, and, etc. including
KBGF/CGF, provisions for accidents not
taken from net surplus.
Due to HO/Branch/ The account is used to record payables to

Subsidiary HO/Branch/ Subsidiary.
Excess of a cooperative's assets over its

EQUITY
liabilities.
MEMBERS' EQUITY Ownership interest of members in the
cooperative.
Authorized Share The amount of capitalization of a
Capital - Common cooperative in common share as prescribed
in the articles of cooperation.
Unissued Share Portion of the authorized share capital -
Capital - Common common of a cooperative as prescribed in
the articles of cooperation which is not yet
subscribed and issued.
Subscribed Share The amount of common share capital
Capital- Common subscribed by regular members payable
over a certain period of time.
Subscription The total unpaid subscribed common share
Receivable - capital of regular members.
Common
Share Capital - The account used to record collection of
Common common share capital.
18
Treasury Shares Common shares previously issued and

Capital -Common reacquired by the cooperative but not
retired or cancelled, and maybe reissued to
existing members. This account should
only be used in the event that there are no
members who are willing to buy the shares
of outgoing members.
Authorized Share The amount of capitalization of a co-op in a
Capital - Preferred preferred share as prescribed by the articles
of cooperation.
Unissued Share Portion of the authorized share capital -
Capital - Preferred preferred of a cooperative as prescribed by
the articles of cooperation which are not yet
subscribed and issued.
Subscribed Share The amount of preferred share capital
Capital-Preferred subscribed by member (regular and
associate) payable over a certain period of
time.
Subscriptions The total unpaid subscribed preferred share
Receivable-Preferred capital of regular and associate members.
Share Capital- Account used to record collection of

Preferred preferred share capital.
Treasury Shares Preferred shares previously issued and

Capital -Preferred reacquired by the cooperative but not
retired or cancelled, and maybe reissued to
existing members. This account should
only be used in the event that there are no
members who are willing to buy the shares
of outgoing members.
Undivided Net The accumulated net surplus of the

Surplus cooperative that should be allocated and
distributed at the end of each accounting
period in accordance with Articles 86 and 87
of RA 6938. Used for Interim Financial
Statement Presentation only.
Net Loss Temporary account to record losses in

operations incurred during the accounting
period. Net loss for the year shall shall be
charged against reserve fund, subject to
provisions of Article 81 of RA 6938.
UNREALIZED GAINS/ The cumulative gains (losses) arising from

LOSSES change in the fair value of AFS securities.
DONATIONS/GRANTS Amounts received by the cooperative as
awards, subsidies, grants, aids, and others.
This shall not be available for distribution to
members.
19
STATUTORY FUNDS Mandatory funds established/set up in

accordance with Articles 86 and 87 of the
Cooperative Code.
Reserve Fund Amounts set aside annually for the stability
of the cooperative and to meet net losses in
its operations (equivalent to at least 10% of
net surplus). A corresponding fund should
be set up either in the form of time deposit
with local banks or government securities.
Only the amount in excess of the paid up
share capital may be used for the expansion
and authorized investment of the
cooperative as provided for in its by-laws.
Cooperative The amount retained by the cooperative out
Education & Training of the mandatory allocation as stipulated in
Fund the cooperative's by-laws.
Optional Fund Fund set aside from the net surplus (should
not exceed 10%) for future use such as land
and building, community developments,
and other.
STATEMENT OF OPERATIONS
REVENUE ITEMS Gross Increases in assets or gross
decreases in liabilities recognized and
measured in conformity with generally
accepted accounting principles that result
from those types of earning activities of a
cooperative that can change equity.
NET SALES Total sales less sales returns, allowances
and discounts.
Sales Invoice price of all goods sold whether in
cash or on account.
Sales Returns and Deductions from the invoice price due to
Allowances returns resulting from damage, defects or
errors in the kind or quality of goods
delivered/sold to customers/members.
Sales Discounts Deductions allowed to customers as volume
discounts or incentives for prompt
settlement of their accounts.
COST OF GOODS SOLD Financial Statement caption which is defined
as cost/value of commodity sold.
Cost of Goods Sold Account used to record cost of finished
goods sold under perpetual inventory
system.
20
Raw Material Gross cost of goods bought whether in cash

Purchases or on account. (used for periodic inventory
system).
Purchases Returns Deductions from invoice cost due to
and Allowances damage, defects, or errors in the kind or
quality of goods bought.
Purchase Discounts Reductions in the cost of goods bought due
to the early payment of creditors' accounts.
Freight in Cost of transporting the goods from the

place where the same are actually
purchased to the place of production. This
should form part of the Cost of Good Sold.
Direct Labor Cost of labor directly attributed to the
production of goods.
Factory Overhead All costs other than direct materials and
direct labor used in the production/
manufacturing/ process of goods including
royalties and production garments.
Inventory Loss Reduction in inventory due to spoilage and
breakage under the perpetual inventory
system.
OTHER INCOME Income received by the cooperatives other
than its main operation.
Membership Fee Amount collected from the cooperative's
members-applicants upon approval of their
membership in the cooperative.
Income / Interest Income earned by the cooperatives from
from Investment / deposits in banks/other institutions and
Deposits investments made in financial
institutions/government/business
organizations. This shall include interest
income derived from the deposit of
statutory funds in the bank until utilized.
Interest on these funds shall not be used to
increase the statutory fund.
Fines, Penalties and Fees imposed by the cooperative for

other Surcharges delayed payments of accounts which are
recorded when earned and collected.
Miscellaneous All other income earned by the cooperative

Income for which no specific account has been set
up.
21
EXPENSES Gross decreases in assets or gross increases

in liabilities recognized and measured in
conformity with generally accepted
accounting principles that result from those
types of earning-directed activities of a
cooperative that can change member's
equity.
A. FINANCING COST Expenses related to borrowings of funds

used for operations.
Interest Expense on Interest incurred on savings and time
Deposits deposits of both regular and associate
members.
Interest Expense on Interest incurred on borrowings.

Borrowings
Other Charges on Service charges, filing fees and other fees
Borrowings for borrowings incurred by the cooperative.
B. MARKETING COST Cost incurred in the promotion and

distribution of products and services.
Salaries & Wages Amount incurred for services rendered by

employees in selling/ trading operations
including overtime pay
Employees' Benefits Benefits given to employees other than
salaries and wages such as but not limited
to 13th month pay, bonus, allowances,
subsistence allowances including human
resource development.
Insurance Expenses incurred to insure the

assets/properties of the cooperative,
premium of insurance for officers and
employees and bonds of accountable
officers and employees.
SSS, Philhealth, The cooperative's share in the employees'
ECC, Pag-Ibig contribution to SSS, ECC, Philhealth and
Contribution Pag-ibig.
Retirement Benefit The cost of providing retirement benefits to
employees for their services rendered. The
cost of retirement benefits is recognized as
an expense in the periods during which the
services are rendered.
Officers' Honorarium Amount incurred for services rendered by
and Allowances directors, committee members and officers
involved in marketing activities.
22
Supplies Expenses incurred for various supplies used

for selling/marketing activities.
Professional Fees Fees and related expenses incurred for

professional services rendered for marketing
and promotion of cooperative products and
services.
Storage/Ware- Expenses incurred for temporary housing of
housing the products.
Power, Light and Cost of electricity and water incurred in
Water business operations.
Travel and Amount incurred for fares, toll fees, board
Transportation and lodging, per diem, and meal allowance
of officers, employees and members while
on official travel.
Repairs and Expenses incurred in the repair and
Maintenance maintenance of each facility and equipment
except major repairs that prolong the life of
the asset.
Rentals Expenses incurred for the building/office
spaces or facilities leased by the cooperative
Taxes and Licenses Expenses incurred for taxes and fees due to
government entities, both national and
local.
Communication Amount incurred for transmission of
messages such as courier, telephone, e-
mail, fax, internet, messengerial, and all
other means of communication.
Representation Expenses incurred related to
accommodating visitors and guests on
official business.
Advertising and Expenses incurred for advertising and
promotion promotion of cooperatives or products to be
sold.
Commission The amount of commission paid to sales
agent.
Delivery Cost of transporting the goods from
cooperative's warehouse/store to the buyer
using any hired form of transportation.
Gas, Oil and Amounts incurred for gasoline, fuel and
Lubricants lubricants of service vehicles/delivery vans
of the cooperative.
Repacking and Expenses incurred for repacking and
Labeling labeling of items prior to its resale or
delivery.
23
Product Research Expenses incurred in the enhancement of
existing products.
Depreciation Amount provided for wear and tear of

property, plant and equipment.
Amortization Amount provided for amortization of

intangible assets.
Impairment Loss Difference between the carrying value and

the recoverable value of the assets.
Miscellaneous All other expenses incurred by the

Expenses cooperative not classified under any of the
specified expenses account.
C. ADMINISTRATIVE Pertaining to expenses incurred in the

COSTS conduct of business activities.
Salaries & Wages Amount incurred for services rendered by

employees including overtime pay.
Employees Benefits Benefits given to employees other than

salaries and wages such as but not limited
to 13th month pay, bonus, allowances,
subsistence allowances include human
resource development.
Officers' Honorarium Amount incurred for services rendered by
and Allowances directors, committee members and officers.
SSS, Philhealth, The cooperative's share in the employees'

ECC, Pag-Ibig contribution to SSS, ECC, Philhealth and
Contribution Pag-ibig.
Retirement Benefit The cost of providing retirement benefits to
Expenses employees for their services rendered. The
cost of retirement benefits is recognized as
an expense in the periods during which the
services are rendered.
Power, Light and Cost of electricity and water incurred in

Water business operations.
Travel and Amount incurred for fares, toll fees, board

Transportation and lodging, per diem and meal allowance
of officers and employees and members
while on official travel.
Insurance Expenses incurred to insure the
assets/properties of the cooperative,
premium of insurance for officers and
employees and bonds of accountable
officers and employees.
24
Repairs and Expenses incurred in the repair and

Maintenance maintenance of each facility and equipment
except major repairs that prolong the life of
the asset.
Rentals Expenses incurred for building/office spaces
or facilities leased by the cooperative.
Taxes and Licenses Expenses incurred for taxes, fees and

charges due to government entities, both
national and local.
Communication Amount incurred for courier (letters),

telephone, cellphone, e-mail, fax, internet,
messengerial, and all other means of
communication.
Representation Expenses incurred related to

accommodating visitors and guests on
official business.
Trainings and Amount incurred for officers, directors,
Seminars employees and members, for attending
trainings and seminars including all
expenses related thereto after exhausting
the CETF (local). For purposes of analysis,
amount incurred may be classified as to the
recipient.
Meetings and Amount incurred for officers, directors,

Conferences employees and members, for attending
meetings and conferences.
Gas, Oil & Lubricants Amounts incurred for gasoline, fuel and
lubricants for cooperative's vehicles and for
day to day operation
Supplies Expenses incurred for office and various

supplies used for operation.
Litigation expense Expenses incurred in judicial and quasi-

judicial cases including incidental costs
where the coop is the complainant or
respondent as authorized by the BODs.
Professional Fees Fees and related expenses incurred for

professional services rendered.
Periodicals, Amount incurred for subscription or

Magazines & purchase of periodicals, magazines.
Subscription
25
General Support Expenses incurred for employing the

Services services of security, janitors, messengers
and other support services.
Bank Charges Bank fees and other charges excluding cost

of checkbooks.
Provision for Allocation or provision for estimated losses

probable losses on arising from probable uncollectible accounts.
accounts receivables
Depreciation Allocation of cost over the estimated life of
property and equipment.
Amortization allocation of cost over the estimated life of

intangible assets
Impairment Loss Difference between the carrying value and

the recoverable value of the assets
Miscellaneous All other expenses incurred by the

Expenses cooperative not classified under any of the
specified expenses account.
D. DEMOCRATIC Expenses incurred in providing for additional
GOVERNANCE COST members' benefits and social services
(SOCIAL COST)
General Assembly Expenses incurred in the conduct of

Meeting regular/special general assembly.
Members Benefit All expenses incurred for the benefit of the

members (e.g. medical insurance and group
life insurance)
Affiliation Fee Amount incurred to cover membership or

registration fees and annual dues to a
federation or union.
Social & Community Expenses incurred by the cooperatives in its

Service social community involvement including
solicitations and donations to charitable
institutions.
Provision for CGF Amount set up for the provisions of CGF

(KBGF) (KBGF)
Provision for Amount set up for future benefit of

Members' Future members not taken from Net Surplus (e.g.
Benefits mortuary, memorial services)
Special transactions arising from the

OTHER ITEMS - SUBSIDY / operations of the cooperatives.
GAIN (LOSSES)
26
Project Subsidy An amount deducted from Project subsidy

fund to subsidize project expenses. This
shall appear in the statement of operation
as a contra account to subsidized project
expenses.
Donation and Grant An amount deducted from Donation and
Subsidy Grant to subsidize depreciation funded by
donation and grant.
Optional Fund An amount deducted from Optional Fund to
Subsidy subsidize depreciation funded by Optional
Fund and or community development
expense.
Subsidized Project Portion of the Project Subsidy Fund
Expenses expended for training, salaries and wages
and other activities subsidized by donations
and grants.
Gains or Loss on Gain or loss derived from the sale of
Sale of Property & acquired assets/properties and equipment.
Equipment
Gains or Loss in Income earned or loss incurred from the
Investment disposal or permanent decline of value of
investment.
Gains or Losses from Gains or losses arising from retirement or
Foreign Exchange conversion of foreign currency exchange
Valuation rate fluctuation per actual transaction.
Prior Years Adjustments on transactions affecting
Adjustment income and expenses incurred in the
previous year(s) which are taken up on the
current year.
V. Pro-forma Financial Reports with supporting schedules

• Statement of Financial Condition (Balance Sheet)_Annex A
• Statement of Operations (Income Statement)_Annex B
• Statement of Changes in Members’ Equity, Donations and Grants and
Statutory Funds_Annex C
• Statement of Cash Flows_Annex D
• Notes to Financial Statements_Annex E
VI. Sanctions
Producers Cooperatives and Other Types of Cooperatives with

production/manufacturing operation/activities which fail to comply with
this Circular shall be subject to the following sanctions:
• First non-compliance, the Authority shall issue warning to

concerned cooperatives;
• Second non-compliance, Certificate of Good Standing (CGS) shall
not be issued by the Authority;
27
• Third non-compliance, the Certificate of Registration of cooperative
shall be cancelled after compliance with due process of law.
VII. Transitory Provision
All Producers Cooperatives and Other Types of Cooperatives with

Production/Manufacturing Operation/Activities shall within one (1) year
from the effectivity of this Circular make necessary adjustment on their
existing systems in order to comply with the Standard Chart of Accounts.
Provided, however, that the aforecited sanctions under item VI shall not
be imposed during the transition period.
VIII. Repeals
All circulars, regulations, issuances or parts thereof, inconsistent with any

of the provisions of this Circular are hereby repealed or modified
accordingly.
IX. Effectivity
This Circular shall be published in the Office of the National Administration

Registry (ONAR) and shall take effect fifteen (15) days after its
publication.
LECIRA V. JUAREZ
Chairperson
Approved per
BOA Resolution No. 259, Series of 2007
Dated September 22, 2007
28
SCHEDULE 2
SCHEDULE OF OPERATING EXPENSES:
ACCOUNTS Current Year Prior Years
A. FINANCING COSTS
Interest Expense on Borrowings XXX XXX
Interest Expense on Deposit XXX XXX
Other Financing Charges XXX XXX
Total Financing Cost XXX XXX
B. MARKETING COSTS
Salaries and Wages XXX XXX
Employees Benefits XXX XXX
Insurance XXX XXX
SSS, Philhealth, ECC, Pag-ibig Contribution XXX XXX
Retirement Benefit Expense XXX XXX
Officers' Honorarium and Allowances XXX XXX
Supplies XXX XXX
Professional Fees XXX XXX
Storate/Warehousing XXX XXX
Power, Light and Water XXX XXX
Travel and Transportation XXX XXX
Repairs and Maintenance XXX XXX
Rentals XXX XXX
Taxes and Licenses XXX XXX
Communication XXX XXX
Representation XXX XXX
Advertising and Promotion XXX XXX
Commission XXX XXX
Deliviery XXX XXX
Gas, Oil and Lubricants XXX XXX
Repacking and Labeling XXX XXX
Product Research XXX XXX
Depreciation XXX XXX
Amortization XXX XXX
Impairment Loss XXX XXX
Miscellaneous Expense XXX XXX
Total Marketing Cost XXX XXX
C. ADMINISTRATIVE COST
Salaries and Wages XXX XXX
Employees Benefits XXX XXX
Officers' Honorarium and Allowances XXX XXX
SSS, Philhealth, ECC, Pag-ibig Contribution XXX XXX
Retirement Benefit Expense XXX XXX
Power, Light and Water XXX XXX
Travel and Transportation XXX XXX
Insurance XXX XXX
Repairs and Maintenance XXX XXX
Rentals XXX XXX
Taxes and Licenses XXX XXX
Communications XXX XXX
Representation XXX XXX
Trainings and Seminars XXX XXX
ACCOUNTS Current Year Prior Years
Meetings and Conferences

Gas, Oil and Lubricants XXX XXX
Supplies XXX XXX
Litigation Expenses XXX XXX
Professional Fees XXX XXX
Periodical, Magazines and Subscription XXX XXX
General Support Services XXX XXX
Bank Charges XXX XXX
Provision for Probable Loss on Accounts Receivable XXX XXX

Depreciation XXX XXX
Amortization XXX XXX
Impairment Loss XXX XXX
Miscellaneous Expense XXX XXX
Total Administrative Expenses XXX XXX
D. DEMOCRATIC/GOVERNANCE COSTS
General Assembly Expenses XXX XXX
Members' Benefit Expense XXX XXX
Affiliation Fee XXX XXX
Social and Community Service Expense XXX XXX
Provision for CGF (KBGF) XXX XXX
Provision for Fortuitous Events and Accidents XXX XXX
Provision for Members' Future Benefits XXX XXX
Total Democratic Governance Cost XXX XXX
AGRICULTURE ACCOUNT TITLE
LIVESTOCK & POULTRY INVENTORY ACCOUNT Inventory Account
Feeds & Supplement Biological Assets Inventory
Eggs
Fresh Dairy Products (unprocessed) Cost of fatteners /carcass (follow procedure for non-agri)
Stock animals (piglets, fattener, one-day raw materials (feeds, medicines)
Direct Labor
CROPS Seeds (for planting, for sale) Factory overhead ( includes depreciation, indirect labor)
Fertilizers and Pesticides Cash
Seedlings/saplings (baby trees, cuttings

and tissue cultured seedlings, sibuals) cost of piglets
Fruits feeds/medicines
Direct Labor Overhead contract growers

Salaries - farmworkers depreciation Inventory - dispersal (subsidiary)
Prof Fees - vet med/ depletion Inventory - in house (subsidiary)
agriculturists/botanist amortization
supplies Sales - Contract Growing
utilities Cost of Sales - Contract Growing
Property, Plant & Equipment Gross Profit
Biological Assets Less share of contract grower
Animals Adjusted Gross Margin - Contract Grower
Plants/Trees
full eye new

stack seedling flowers
grown buds
mother
Investment Property
(includes stages of biological assets
awaiting productivity period) Banana
capitalize capitalize capitalize after harvest all cost are operational
before planting
land prep planting fertilizer harvest
sappling insectiside
18 mon.
maintenance period
palm tree
5 yrs - 25 yrs - productive
Purchase of Pigs
Biological Assets-Animals
Cash
Purchase of Feeds
Biological Assets-Animals
Cash
Recording the piglets

Agricultural Produce
Accumulated Depreciation- Biological Assets - Animals

Standard Chart of Accounts For Manufacturing Operations

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Standard Chart of Accounts For Manufacturing Operations

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MEMORANDUM CIRCULAR

SUBJECT : STANDARD CHART OF ACCOUNTS (SCA) FOR

Pursuant to Section 3 of Republic Act No. 6939, an Act creating the

This Circular shall be applied in accounting and financial

II. Objectives and Purposes

The basic purpose of prescribing the standard chart of

a) ensure uniformity and common understanding of accounts;

b) guide in the installation of accounting and internal control

c) facilitate the conduct of audit;

e) sets standards and discipline in measuring the financial

f) facilitate the analysis and evaluation of financial management

g) provide basis in monitoring, supervision and business

III. Financial Statements

A complete set of financial statements includes the following

• Statement of Financial Condition (Balance Sheet)

IV. Standard Chart of Accounts for Producers Cooperatives and

ACCOUNT NAME BRIEF DEFINITION/DESCRIPTION

STATEMENT OF FINANCIAL CONDITION

CURRENT ASSETS Assets which are expected to be realized in, or

Cash on Hand Money (bills and coins) still in the possession of

Checks & Other Currently dated checks, postal money order

Cash in Other Money deposited in the federations, i.e.

Investment at Fair This refers to financial assets that upon

The use of the fair value option shall be in

1. co-ops shall have in place appropriate

2. co-ops shall apply the fair value option

Accumulated This refers to cumulative gains/losses

Unamortized The unamortized discount/premium on HTM

A gain or loss arising from the change in the

Investment in Non- It refers to equity instruments that do not

INMES shall be measured upon initial

Allowance for Cumulative amount of impairment loss that

Accounts The amount due from member and/or non-

Accounts Total amount of Accounts Receivable Trade

Accounts Collectibles from the member & non-

Accounts Total principal amount from past due

Advances to Officers Duly approved cash advances for official

Receivables from Total collectibles due from accountable

Real and Other This refers to real and other properties,

This shall be booked initially at the carrying

Biological Asset Plants intended for sale which are valued at

Agricultural Produce Harvested product of the biological assets at

Raw Materials Cost of raw materials owned at the end of

Finished Good Cost of goods completed and available for

Unused Supplies Office, store, agricultural and factory

Input Tax Value-added tax due from or paid by a VAT

NON CURRENT ASSETS All other assets not classified as

Investments in financial instruments and

Investment in Investments in share capital of secondary /

Investment Investments in debt/equity Instruments

Investment Property Cost of property (land or building or a

Held-to-Maturity This refers to debt securities, quoted in an

Unamortized This refers to the unamortized

Unquoted Debt This refers to unquoted debt securities, with

Investment in Non- This refers to equity instruments that do not

ACCOUNT NAME BRIEF DEFINITION/DESCRIPTION

Accounted for in accordance with PAS 27 for

ACCOUNT NAME BRIEF DEFINITION/DESCRIPTION

ACCOUNT NAME BRIEF DEFINITION/DESCRIPTION

Nursery/ Cost of nursery and greenhouse facilities

Laboratory Cost of laboratory equipment used for

Machineries Cost of machineries equipment owned by