Asset
This query is : Resolved
01 August 2014
We bought an asset in another country (We are the government authority not involved in the business of hedging or FEC ), the initial quotation was R10 000 and we bought it for R15 000.00 because of changes in exchange rates.
How is the difference of R5 000 be treated in the accounting records?
How is the difference of R5 000 be treated in the accounting records?
01 August 2014
The value on the date of quotation need not be considered for accounting. It is the value on the date of purchase/transfer to be considered. Being a Govt. authority Accounting standards not applicable to you account it at R15,000.
02 August 2014
you take the amount you pay for buying the assets.
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