Live stock addition

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 July 2013 How to make journal entries of Addition of live stock which we recd free of cost( eg. Cow gave birth a Calf, then how to entered this addition in books of accounts and what about their valuation).

Please Help.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

11 July 2013 there is no valuation method of live stock, you can add as income and debit as asset

Querist : Anonymous

Querist : Anonymous (Querist)

11 July 2013 but how we take value of calves for entering in books of accounts and what about the insurance claim if any mishappening occurs

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

11 July 2013 Then you need to add as live stock with Re.1 value and maintain the list in the books

Querist : Anonymous

Querist : Anonymous (Querist)

12 July 2013 but sir after some time say 1 or 2 year,her value is much more than we recorded then it is unreasonable to value them on say 70,000 or plus

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

12 July 2013 You can value current market value and account now only then increase you can book periodically

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