Live stock
This query is : Resolved
SAMIR KUMAR PATI
(Querist)
09 April 2012
suppose i purchased a dog worth rs 5000 for security of my business.how should i account for it?
10 April 2012
Dogn is not a fixed assets and you are not sure when it will die. So keep it under current assets under the head Animals as you cannot take depreciation on dog. Now, the next question will come what will happen to the expenditure on the dog? The expenditure on dog can be debited to the head either Watch & Wards or Estate Protection Expense.
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CA Kishore Tallam
(Expert)
10 April 2012
It can be treated as a live stock and can be capitalised as a fixed asset.
However, it cannot be depreciated but at the end of the reporting period, the difference between the cost and FMV shall be written off to P&L (in case of loss).
However, it cannot be depreciated but at the end of the reporting period, the difference between the cost and FMV shall be written off to P&L (in case of loss).
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