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Querist : Anonymous

Querist : Anonymous (Querist)

26 March 2013 Can u tell me what should be the accounting treatment of any asset purchased by the company and gifted to the employee.Whether it should be directly expensed out through Pnl or it should be recognised as an asset first and then transferred it to PnL. Kindly answer asap

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

26 March 2013 If such asset is first registered in the name of company then first recognise as fixed asset and then treat it as gift and debit to P&L a/c.

If such asset directly registered in the name of employee by incurring funds from the company then directly give debit to P&L a/c.

OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

28 March 2013 Ok Thanks..

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