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.
Aggarwal Sarawagi and Co
New Delhi
CA
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YOGESH KAPOOR AND ASSOCIATES
New Delhi
B.Com
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