Treatment of fixed asset
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 July 2010
If a business gets fixed asset by way of gift, then how would it be accounted in books?
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 July 2010
Please help me with my above query? As per AS-10,asset will be recorded in the books if something has been paid for it.
27 July 2010
Dear Anonymous,
Cluase 9 of AS 10 deals with cost component which in this case is zero.
My point of view on this is that since the AS is silent (there is no direct observation) on this issue, an entry can passed to Dr. FA and Cr. Other income with a nominal value of Rs.0.01 or so.
The item can be revalued later to show the fair value as per standards.
Cluase 9 of AS 10 deals with cost component which in this case is zero.
My point of view on this is that since the AS is silent (there is no direct observation) on this issue, an entry can passed to Dr. FA and Cr. Other income with a nominal value of Rs.0.01 or so.
The item can be revalued later to show the fair value as per standards.
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