chicken accounting

[Looking4ewes]

This year I raised some chickens, sold some, and kept some for myself. How do I account for the ones I kept? Do I need to write a check from the personal account to the farm account to show revenue, in order to write off all expenses? Extreme newbie question, I know, but I need to get the accounts settled by year end.

 

[LarryPQ]

It it a material amount? That is: most accountants would say don't bother with anything miniscule. This is dependant on how much $$ goes through your farm account. So if your farm makes $40K a year, and those 10 chickens you kept were $4 each...well then that $40 is really not material.

If the farm only did $2000 this year, then the $40 would be material.

Ya dig?

 

[Dogfish]

Shrinkage. Product died.