Fictitious assets
This query is : Resolved
21 June 2014
What is fictitious assets? what is the treatment of such assets?
21 June 2014
Asset created by an accounting entry (and included under assets in the balance sheet) that has no tangible existence or realizable value but represents actual cash expenditure. The purpose of creating a fictitious asset is to account for expenses (such as those incurred in starting a business) that cannot be placed under any normal account heading. Fictitious assets are written off as soon as possible against the firm's earnings.
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21 June 2014
fictitious assets : have no physical existence only show in books. it may be goodwill, patent, copyright etc.
and exp. of company formation exp. and expenses of company before starting the commercial production of the company.
and exp. of company formation exp. and expenses of company before starting the commercial production of the company.
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