Fixed assets purchased in exchange of old asset
This query is : Resolved
14 April 2016
We have purchased new batteries and the seller had buyback old batteries. What should be the accounting treatment. What amount should be capitalised. Can negative amount be shown in deletion separately in FAR or adjustment should be made with new batteries ?
14 April 2016
Yes Adjustment or set off entry should be done in your FAR for new batteries purchase.
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