Asset gifted by one company to another
This query is : Resolved
04 April 2012
If an asset is gifted by one company to another company, what is the accounting treatment and accounting disclosure?
What will be the answer in case of trusts?
What will be the answer in case of trusts?
14 April 2012
Gift expense A/c Dr
To Asset A/c
(Being asset given as gift accounted in books).
If the amount is material or given to a relared party, disclose the same in notes to accounts.
To Asset A/c
(Being asset given as gift accounted in books).
If the amount is material or given to a relared party, disclose the same in notes to accounts.
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