Live stock accounting
This query is : Resolved
CMA Ujjwal Sheth
(Querist)
09 August 2012
What is the accounting treatment of live stock?
if it is treated as Fixed assets then what to do in books of accounts and what if not treated as fixed assets???
if it is treated as Fixed assets then what to do in books of accounts and what if not treated as fixed assets???
Amol S Joglekar
(Expert)
09 August 2012
Let us not confuse with the word LIVE stock. If your client is in the business of rearing birds, lambs... and so on.. then it will come under CLOSING STOCK and not live stock. In other cases, go by addition deletion entries. Addition to live stock during the year, deletion if any and so on. No question of getting argued with "cost or market price which ever is lower" if it is shown under fixed asset. If market value has gone up / down significantly, report it through NOTE.
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CMA Ujjwal Sheth
(Querist)
09 August 2012
Thanks very much for reply sir,
still i am li'l bit confused regarding treatment as fixed assets
still i am li'l bit confused regarding treatment as fixed assets
Amol S Joglekar
(Expert)
09 August 2012
Please go ahead. You can share your difficulty here else amolshankar@gmail.com
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