Accounting treatment

This query is : Resolved

vikram (Querist)
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27 December 2013 In case refregerator given by any coke, pepsi, ice cream companies for storing coke, ice creams, choklates etc. to shopkeeper. Then how it deal in the books of companies.

Please suggest accounting treatment

CA Sanjeev Kumar

CA Sanjeev Kumar (Expert)
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28 December 2013 If its free, then no entry, just a notes is to given in the notes to a/c.

if this is at discounted rate then, entry at the amt paid.
(this is as per Indian GAAP, AS-9)

In IFRS, it has to be booked at the market value and the entry would be ;
assets Dr.
reserve surplus Cr.
(IAS 16 — Property, Plant and Equipment)