Regards closing stock valuation
This query is : Resolved
devendharreddy
(Querist)
16 June 2015
somebody is arguing that closing stock of poultry business does not include laying birds, includes only non laying birds am much confused as to why closing stock does not includes laying birds please suggest me whether closing stock includes all birds whether laying or non laying
CA. Sunil Gokhale
(Expert)
16 June 2015
Stock is of traded items held for sale and fixed assets are those which are not for sale but to be used in business and held for long period of time. Non laying birds are for sale and hence goods, therefore stock-in-trade. Laying birds are not for sale because their eggs are sold and as long as they lay eggs they will not be sold. Hence, laying birds are not stock but productive assets to be held for a long period of time.
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devendharreddy
(Querist)
17 June 2015
sir.. so can i show those laying birds in balance sheet i need to show them in balance sheet right?
CA. Sunil Gokhale
(Expert)
17 June 2015
Both in balance sheet: Laying birds fixed asset. Non-laying will be stock-in-trade.
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