jounal entry of born of cow baby
Answers
Answer:
There would be no journal entry to record this. Also note that as per IAS 41, only the cost of rearing animals can be recognised in the financial statements. A cow giving brith to a baby calf does not invlove any exchange or outflow of resources, which can be identified as a transaction.
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Answer:
There would be no entry in the journal to document this. Also, take notice that only the cost of raising animals may be recognised in the financial statements in accordance with IAS 41. There is no exchange or outflow of resources that can be classified as a transaction when a cow gives birth to a newborn calf.
Explanation:
A journal entry:
A journal entry is an act of recording any transaction, whether it is commercial or not.
An accounting diary that displays the debit and credit balances of a corporation lists transactions. Multiple recordings, each of which is either a debit or a credit, may be included in the journal entry. The amount of the debits and credits must be equal in order for the journal entry to be declared balanced.
Depreciation or bond amortisation are examples of recurring items that can be recorded in journal entries. Accounts payable normally has its own sub-ledger that indirectly impacts the general ledger, and journal entries are frequently filed using a different module in accounting software. As a result, general ledger account balances are changed immediately by journal entries. The correct date, amount(s) to be debited, amount to be credited, description of the transaction, and specific reference number are all parts of a correctly formatted journal entry.
3 golden rules of accounting are:
1. Personal Account
- Debit the receiver, Credit the giver.
2. Real Account
- Debit what comes in, Credit what goes out.
3. Nominal Account
Debit All Expenses and Losses, and Credit All Incomes and Gains.
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