Treatment of non monetary grant(depreciable asset)
This query is : Resolved
09 June 2014
A independent goverment body(formed under seperate act)has received non monetary grant in the form of depreciable assets from INGO amounting to Rs 10 lakhs. Rate of depreciation for such assets is 25%. Please advise me how to treat the above situation with journal entries under possible methods .
09 June 2014
AS 12 shall apply in this case and it shall be recoreded at nominal value of rs 100 since u have rec the assets itself.
09 June 2014
Is there any alternative methods? Please suggest with journal entries.
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