if a company buy fixed asset in exchange of inventory then at which price it is recorded - cost + profit or only at cost?
2 - does it is considered as sale? or just a credit of purchase a/c
At invoice value. There is no principle for that.
Fixed asset should be recorded at price at which stock was recorded. Simple.
@ sabyasachi is correct and im sorry they can be measured at fairvalue or at carrying amount of goods given.. amd this becomes invoice value. I dont know this paet of the principle.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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