hey what is the accounting treatment for forfeiture of retention money of fixed assets? whether the same should be reduced from cost of asset or should be treated as income in the year of forfeiture? no specific mention of this in as-10 also.
Help
Sir I have written my ipcc may and I could not clear . and now I have completed my degree . and I am in cpt route right now . now I heard there is a new notification on 22/7 that cpt to direct entry conversion there is no need to wait for 9 months and can write coming November. plsss help me and what is the exact procedure bcz I have to apply for examination befo this month 25th . icai is not giving proper response plss help me
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Now that person wants to transfer such property by way of gift to his son.
advise me on which price i.e. market value or book value i should record such property in the books of his son.
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Regards
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Forfeiture of retention money of fixed assets