Tax and accounting processing of assets that have been taken as a gift

Question

Jijumon James · Answer

Following entry should be passed:

Asset Dr

To Income a/c

Abdallah Ahmed Abdallah · Answer

Included with assets worth1 pound does not reckon with depreciation

Muhammad Arshad Kadhar · Answer

The Accounting Treatment for such type of Assets can be studied from the International Accounting Standard -20, Govt.
Grants The standard allows either to record the asset at its fair value or at CU01 i.e.
Nominal Value.
Here CU stands for Currency Unit

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Tax and accounting processing of assets that have been taken as a gift

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