I run (just setting up) a small business selling rare breed beef. We have bought the animal, have the slaughtered and sell the beef directly to the customers.
How do I account for the following:
New cows I buy?
Cow which are born into our herd (what nominal value do I give them?)
Once we have converted cow to beef, how do I account for that process?
One final question; we have started the business a few years after we bought our first cattle. Although I’m a sole trader at the moment, how do I account for the business having an opening stock value which it has, in effect, inherited.
Sorry for what are probably basic questions; I’m very grateful for any help you can give.