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Deepa (Analyst)     09 September 2012

Accounting for assets received at zero cost

Hi,

 

Our company will be receiving few assets at zero cost. Please let me know the below:

Which AS should be referred

At what cost should these be recorded

How should accounting entries be routed

 

Thanks for the reply. Pls clarify which Para in AS 12 states that these assets can be recorded at NBV



 3 Replies

Akash Kumar Agrawal

Akash Kumar Agrawal (Director)     09 September 2012

Follow As 12 asset should be recorded at nominal value i.e Re 1 or create a govt grant reserve account and record the full value of asset
1 Like
Anvesh Desai

Anvesh Desai (Chartered Accountant)     10 September 2012

I support Akash. Record it @ Re. 1
ramcharan

ramcharan (articled assistent)     11 September 2012

depends on the company environment if the company having say 100crores in their B/S then they can show that at 100 rupees also even they can show that at Re.1 also 

its just a matter of perseption


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