How to zero value asset capitalised received from branch
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 February 2017
Pl explain with accounting entry,how to Zero value asset capitalised received from one branch.w
14 February 2017
Initial recognition of asset should be at cost. Since the cost is Zero recognise the asset at a value of Rupee 1.
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 February 2017
Thanks & what about depriciation
20 February 2017
Depreciation is the systematic allocation of the depreciable amount (cost less residual value) of an asset over its useful life (IAS 16 Para 6 definitions) In this case we don't have a cost to allocate over assets useful life in this case so no charge is made to P&L as depreciation expenses.
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
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
Trending Online Classes
CAclubindia
