Accounting Treatment of Fixed Asset
This query is : Resolved
26 May 2010
Kindly advise on accouting treatment of fixed asset acquired in exchange of Gift Coupon at free of cost.
26 May 2010
It shall be out of accounts, in view of cost concept and money measurement concept.
However, you can create a revaluation reserve, to bring the asset into accounts. ie. Fixed Asset Dr, Revaluation reserve Credit.
Looking for more opinion.
However, you can create a revaluation reserve, to bring the asset into accounts. ie. Fixed Asset Dr, Revaluation reserve Credit.
Looking for more opinion.
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