Fictitious assets
This query is : Resolved
15 November 2013
Asset created by an accounting entry (and included under assets in the balance sheet) that has no tangible existence or realizable value but represents actual cash expenditure. The purpose of creating a fictitious asset is to account for expenses (such as those incurred in starting a business) that cannot be placed under any normal account heading. Fictitious assets are written off as soon as possible against the firm's earnings.
Read more: http://www.businessdictionary.com/definition/fictitious-asset.html#ixzz2keTzxrFk
Read more: http://www.businessdictionary.com/definition/fictitious-asset.html#ixzz2keTzxrFk
15 November 2013
Fictitious assets are those assets which are not tangible in nature & has no value.
They are not taken over in the process of M & A. They are loss assets. They are shown on the assets side as they show debit balance.
They are like preliminary expenses, P& L a/c (loss) & discount on issue of shares.
asp
They are not taken over in the process of M & A. They are loss assets. They are shown on the assets side as they show debit balance.
They are like preliminary expenses, P& L a/c (loss) & discount on issue of shares.
asp
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Inventory of finished goods
- Sale of property furniture sale
- Filing of Form 10BB instead of Filing Form 10B
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- Applicability of Ind As to associate of associate
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Last year input claim shown in gstr9
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- HSN Details in IFF/GSTR-1 & in GSTR 9
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
