A Hospital company has receieved a Refigarator as Gift on a contest.
Same is accounted as General consumables (Direct purchase) in Nil value,
Is it necessary to Capitalise such item and charge depreciation,If it is to be capitalised ,how entries should be passed.
Any gifts should be recorded at nominal cost i.e 10-100. Yes it has to be capiltaised and shuld be depreciated @ 100% in the same year.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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