Vehicle purchased by an organisation for the use of senior executive of the organisation.A voluntary contribution is received from the executive towards the cost of the asset.What is the accounting treatment of this contribution in the books of the organisation ? .Can we credit it into the "Asset " account so that the value of the asset is reduced to that extent.
2 Replies
sanil
(Accountant)
(149 Points)
Replied 18 January 2010
| Originally posted by : NANDAKUMAR.B | ||
 |
Vehicle purchased by an organisation for the use of senior executive of the orgit into the "Asset " account so that the value of the as |  |
if ownership lies with company then the unpaid amount treat as discount
if ownership lies with employee then the paid amount by company will be treated as perquisites, bonus as appreciation.
saranraj
(CA FINAL)
(419 Points)
Replied 19 January 2010
Mr. Nandakumar, kindly let me know the nature of the organisation whether it is a firm or a company or a sole proprietorship.
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