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Sue311
August 12, 2021
Question

Dog Breeding business

  • August 12, 2021
  • 2 replies
  • 0 views

I have a client who is just getting into the dog breeding business.  They purchased a dog and "breeding rights" at about $3K each .  How do I account for both of these costs?  Would the breeding rights fall under any class of CCA?  Any guidance would be appreciated.  

2 replies

Noelia Nievas
Noelia Nievas
August 12, 2021

Hi @Sue311 

 

it is great that you have reached out to the community to seek some assistance.

 

Because this transaction falls into accounting territory, it's best to reach out to your accountant to make sure all the appropriate accounts are adjusted as they are trained on how to do this. If you don't have an accountant no need to worry, we can help. You can go to My Accountant>Find a pro to help to find an accountant in your area.

PrachiJoshi
PrachiJoshi
August 12, 2021

Hi Sue,

 

You can add the dog and the breeding right separately on the balance sheet as long term assets. During the year-end let the accountant know about it and let them decide.

 

S
Sue311Author
August 14, 2021

Thank you

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