Reference no: EM132684485

You were invited to visit the vacation villa of your rich uncle. You toured the land and you were impressed by the vastness of it and the many things you found. The land covers about ten hectares with narrow creek winding throughout the area. The property is surrounded by concrete wall with solar powered light poles found all throughout the fence perimeter. At one corner was a small man-made lake framed with concrete and stone walls. The lake is teeming with freshwater fishes that your uncle harvests for personal consumption and gifts to families and friends.

• A mini playground with slides, swing and tree house occupy another corner. Sheds, tables, benches were constructed to give a park-like ambiance to the place. The entire area is covered with Bermuda grass, stone pathways surround the area that serves as biking route or jogging area.

• In the middle of the property is a humble rest house made of concrete and wood. The front lawn was meticulously landscaped with expensive and rare ornamental plants. A large parking space of fine cracked stones occupied one area. Palms, ornamental trees and fruit bearing trees were transplanted to strategic locations to provide shade as well as Instagram worthy backdrop. Your uncle purchased machineries and equipment to be used in maintaining the land. There are lawn mowers, automatic water sprayers, mini tractor, golf cart for moving around, push carts and so much more. The lamplights jot around the area and provide a soft and romantic glow at night. Your uncle also owns a few horses, cows and sheep. A barn and picket fences were constructed in another corner of the land where the land was meticulously landscaped as rolling hills. Your jaw dropped in the immense creativity and picturesque effect of the entire property. The rest house is another story. The humble façade is a contrast to the hotel like ambiance of the interior with 10 individual rooms inside.

 

• Your uncle was amused by your amazement and decided to even more fire your curiosity. He knows that you are an accounting student, thus asked you to list down anything of value that can be considered an asset in this particular property. He'll award you with P500 for item of asset you listed and additional P1,000 for each correct grouping of these assets.
• Excited as you are, you took your notebook and made a serious tour of the property.

Problem 1: List as many assets as you can and classify in what kind or Property, Plant and Equipment they are under Land, Building, Equipment, or Others.