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How to zero value asset capitalised received from branch

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 February 2017 Pl explain with accounting entry,how to Zero value asset capitalised received from one branch.w
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Roney

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Roney (Expert)
14 February 2017 Initial recognition of asset should be at cost. Since the cost is Zero recognise the asset at a value of Rupee 1.
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Querist : Anonymous

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Querist : Anonymous (Querist)
20 February 2017 Thanks & what about depriciation
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Roney

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Roney (Expert)
20 February 2017 Depreciation is the systematic allocation of the depreciable amount (cost less residual value) of an asset over its useful life (IAS 16 Para 6 definitions) In this case we don't have a cost to allocate over assets useful life in this case so no charge is made to P&L as depreciation expenses.
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