IMAGINARY STORY MALICE TO NONE AND LOVE TO ALL

IMAGINARY STORY.  MALICE TO NONE AND LOVE TO ALL

During the process of analysis of the financials of a big sole proprietorship concern, it was noticed that a substantial amount  being the cost price of some perigee dogs were treated as purchase and subsequently treated as stocks in the balance sheet. Treating it either as error in principle or an error of misposting, the amount was reduced both from purchase and stocks and the same was treated as drawings presuming the dogs were purchased by the proprietor out of the profit of his concern for the purpose of domestication at his residence. Still to be sure beyond an iota of doubt,clarification was sought.
A young accountancy qualified gentleman came to represent the firm and vehemently resisted the action. He  insisted the same should be treated as stocks as the hairs of the dogs can be utilised as substitute for wools to manufacture warm garments.