Livestock is a fixed asset. However on death of a broodmare while foaling what accounting treatment be given? What if foal survives but mare dies. How the insurance claim receivable be accounted? Is there an accounting standard which deals with the issue or any other article which will help?
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Livestock accounting treatment
Replies (2)
Hi Usha,
you are asking very good question!!!
I think, in case of death of Livestock is loss so may be debited to your Profit & Loss Account.
Please let me know about the correct treatment......
what are livestock items
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