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A/c Treatment of Livestock



(Guest)

Shakuntala madam has made it clear i think......

Thanks mam

Avinash Singh

Avinash Singh (Article)     30 March 2014

Avinash Singh
Article 
 69 points

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please tell me that if i capatalize lifestock in fixed asset then how will i enter its detail in schedule mentioned in itr -4

 

Ashish kumar

Ashish kumar (Industrial Training In BHEL)     07 January 2016

Ashish kumar
Industrial Training In BHEL 
 28 points

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AS-10 is for ACCOUNTING FOR FIXED ASSETS, not for definition of fixed asset. So, as per AS-10 any provision of this AS does not deal with livestock. It doesn't mean that livestock is not considered as fixed assets. 

So, Livestock is fixed asset.

AS-6 doesn't deal with depreciation of Livestock. so, no depreciation should be charged on livestock. However, in case of death of livestock deduct that value from the total value of livestock.
Thats all..
 

VIVEK HARIYANI

VIVEK HARIYANI (Audit Assistant)     26 January 2016

VIVEK HARIYANI
Audit Assistant 
 1 likes  54 points

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Originally posted by : Kalpesh Chauhan,

 It should be treated as Fixed cost.


It is because it is mostly used in  Farm Accounting.



 

 

subhash

subhash (TAX CONSULTANT)     13 March 2016

subhash
TAX CONSULTANT 
 21 points

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REGARDING LIVE STOCK

ACCOUNTING :-

IF 'A' PURCHASED BUFFALOWS FOR HIS MILK BUSINESS , IT IS TO BE CONSIDERED AS FIXED ASSET (LIVE) AND , AND DEPRECIATE THE VALUE @ 20% .

SO THAT IF 'A' SOLD  BUFFALO AFTER 2 YEARS OR DEATH OF BUFFALO , PROFIT & LOSS ACCOUNT NOT AFFECTED HEAVILY.

IS IT CORRECT ?

 

K.P.Rajashekar

K.P.Rajashekar (CA Business)     12 October 2016

K.P.Rajashekar
CA Business 
 24 points

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Pls click this link - monograph on accounting for livestock

https://books.google.co.in/books?id=neDFWDyUWuQC&pg=PA469&lpg=PA469&dq=monograph+on+accounting+for+livestock&source=bl&ots=7avfPo9z7J&sig=IemsddxBIgeajHZrzbJNLFiH2ig&hl=en&sa=X&ei=9Es0UcmGMIPZrQeLx4HoBA&sqi=2&ved=0CC4Q6AEwAA#v=onepage&q=monograph%20on%20accounting%20for%20livestock&f=false

 

Amarnath Vinayaka Rao

Amarnath Vinayaka Rao   06 April 2017

Amarnath Vinayaka Rao

 2 points

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I agree with you as well with Mr Satvir Singh that Live stock is an ASSET. Now coming to valuation of the same we follow revaluation method(i.e) CURRENT SET OF LIVE STOCKS  ARE REVALUED at the end of every financial year.

Please send me some clear workings with example under different scenarios.

M Venkat

M Venkat (CA finalist)     18 January 2021

M Venkat
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Indian Accounting Standards 41 – Agriculture (Ind AS 41) has introduced the concept of biological assets where a biological asset is defined to be a living animal or plant, and includes produce growing on bearer plants


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