Accounting of livestock
This query is : Resolved
13 January 2017
Hi all,
Can anyone please guide me in accounting of livestock (cow in my case). It cannot be recorded as a Fixed asset nor as an inventory as they are specifically out of the scope of these 2 standards.
Thanks in advance!
Can anyone please guide me in accounting of livestock (cow in my case). It cannot be recorded as a Fixed asset nor as an inventory as they are specifically out of the scope of these 2 standards.
Thanks in advance!
13 January 2017
They are not fixed assets but will termed similarly. In balance sheet u need to show it under current assets as live stocks.
13 January 2017
Thanks! Sandeep Dharar, but can we group it under Non-Current Assets?
13 January 2017
yup, in the audited Balance sheet.
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