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Capital contribution by consideration other than
if a building or furniture is contributed as a capital in a business then at which cost it is recorded In books of account at purchase price or fair market value or what?
Replies (3)
Quick Summary
Initially at cost and then can be revalued. You mean to say consist?
Revalue fiģure
Initially recognised at cost! Even if anyone buys second hand car at fair value, it is always recorded initially at cost. I need evidence with paragraph numbers if this isn't the case.
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