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Nomail value assets

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(Querist)
27 June 2014 can anyone tell me when we get asset(which is required to show in balance sheet at nominal value) free of cost with another assets ....that what entry will be passed of that assets at nominal value ( 100 rs) and when we sell that assets what entry will be passed thanks in advance
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Vishnu Saboo

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Vishnu Saboo (Expert)
27 June 2014 clarify ur query, abt what u asking the entries? is it for asset received as FOC or what?
clarify query with naming asset like asset A FOC asset B.
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Rupesh Jain

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Rupesh Jain (Expert)
27 June 2014 when you received FA on FOC then you can book on nominal value.

form sale profit will be capital reserve .
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