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(Querist)
15 October 2009 Plz. answer the following :-
If any business receives Good which is Asset to the business as an Incentive what should be the proper journal entry?Should the value of the Asset is to be written or only Re.1/- is to be written?

i.e. Asset A/C......Dr. 15,000
To Incentive Received A/c 15,000
(say valuation of the Asset is Rs.15000/-)

OR
Asset A/C......Dr. 1/-
To Incentive Received A/c 1/-
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Vig , Rakesh

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Vig , Rakesh (Expert)
16 October 2009 First entry is better from all prespective such as to justify the incentive recd.year after year , income tax point of view for Capital gain wehn sold or Depriciation purpose
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Jinesh Bansal

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Jinesh Bansal (Expert)
16 October 2009 I am agree with Mr Rakesh Vig
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