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

Produits Par Bayt.com

Utilisez l'Appli de Bayt.com

Communiquez avec les autres et partagez vos connaissances professionnelles

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

Recherches Populaires

More Questions Like This