Regarding Fixed Assets

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Harish

Harish (Querist)
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01 February 2009 What will be entry, if a machinery of Rs. 100000 receive as a gift???

Ronak Desai

Ronak Desai (Expert)
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01 February 2009 As per AS - 10, The gift of machinery will be accounted at nominal value say Rs. 1 or 10 or 100 as the management feels better since the consideration given is nil.

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