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Querist : Anonymous

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Querist : Anonymous (Querist)
12 March 2014 If a person is in the business of Horse Racing than the purchase of horse is a revenue or capital expenditure???

and if it is to be trated as Fixed Asset than what is the treatment after it is dead???
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Sandeep Dharar

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Sandeep Dharar (Expert)
12 March 2014 U can record it as live stock,
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Querist : Anonymous

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Querist : Anonymous (Querist)
12 March 2014 what about its treatment ???
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Sandeep Dharar

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Sandeep Dharar (Expert)
12 March 2014 Live Stock will b shown as Fixed assets in Assets side of Balance Sheet.
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Querist : Anonymous

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Querist : Anonymous (Querist)
13 March 2014 n what after its death ???
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
18 March 2014 well after death, the asset is discarded and accordingly any remaining WDV is expensed out in P&L.
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Sandeep Dharar

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Sandeep Dharar (Expert)
18 March 2014 After Death u can discard the Asset & if some amount is remaining u can write it off in P&L A/c
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