Accounting treatment of live stock
This query is : Resolved
29 May 2017
what is the accounting treatment for recording live stock received at free of cost by "Gaurakshan Sansthan" (charitable trust) ?
30 May 2017
Debit the live stock ac and credit Donation ac based on the market value of live stock. Live stocks has to be valued at the year end, any reduction in value has to be charged to P&L.
Message likes :
1 times
30 May 2017
thanks sir,
whether live stock (cows) are fixed asset or not?
what is the criteria to determine it?
what about depreciation? at what rate?
whether live stock (cows) are fixed asset or not?
what is the criteria to determine it?
what about depreciation? at what rate?
30 May 2017
Livestock is treated as fixed assets, but not depreciable, shown at historical cost or market value which ever less at the year end closing date.
Message likes :
1 times
31 May 2017
whether Shed to such cows is fixed asset or should be charged to P&L as expense...
if it is a depreciable asset, then at what rate depreciation should be taken ? @10%?
if it is a depreciable asset, then at what rate depreciation should be taken ? @10%?
31 May 2017
It is a fixed asset charge depreciation over the life of the asset.
Message likes :
1 times
31 May 2017
by crediting donation a/c & debiting live stock (cows)... It increases my profit by the donation amount.. !??
01 June 2017
Yes it increases your profit. But while working out the application of funds for tax working it is reduced from the profit as money spent under live stock head.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Reporting Income under Section 44ADA
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- ITR 2 Short Term gain & Long term gain
- ITR returnFY25-26
- ITR 1: Details for showing Exempt Income
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
