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Accounting Treatment of Fixed Asset

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(Querist)
26 May 2010 Kindly advise on accouting treatment of fixed asset acquired in exchange of Gift Coupon at free of cost.
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
26 May 2010 It shall be out of accounts, in view of cost concept and money measurement concept.

However, you can create a revaluation reserve, to bring the asset into accounts. ie. Fixed Asset Dr, Revaluation reserve Credit.

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