ACTUAL COST

28 March 2019

what is the actual cost of the asset(other than buildings) in the business,which was previously used for personal purpose brought into business.

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PRABIR PAUL (*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.) (1448 Points)
Replied 29 March 2019

why u need it

Rakshit Krishnamurthy (46 Points)
Replied 29 March 2019

for CA inter exam..

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RAMAKRISHNAN R (INCOME TAX OFFICER) (1736 Points)
Replied 29 March 2019

in my opinion, the market value as on the date of bringing the asset into business should be taken as actual cost

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Rakshit Krishnamurthy (46 Points)
Replied 29 March 2019

but in the study material they have give the purchase price as the ACTUAL COST

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