18 November 2008
look poonam there will be no separate entry is required to be passed for free printer. you should capitalise the whole computer as one single assets @ 50000/- and the entry will be: Computer account Dr. 50000/- to Bank/cash/party a/c 50000/-
18 November 2008
Any Fixed Asset acquired Free of cost is not required to be booked in accounts as the carrying cost in such a case is NIL. However, an entry in the Fixed Assets Register is required to be noted down.
CAclubindia
