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Asset gifted by one company to another

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(Querist)
04 April 2012 If an asset is gifted by one company to another company, what is the accounting treatment and accounting disclosure?

What will be the answer in case of trusts?
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CA Kishore Tallam

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CA Kishore Tallam (Expert)
14 April 2012 Gift expense A/c Dr
To Asset A/c
(Being asset given as gift accounted in books).
If the amount is material or given to a relared party, disclose the same in notes to accounts.

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