Wish U happy new year to every body. I have a small question, We bought one asset on hire purchase with finance in 2009-2010. In 2011 finance company refund the the sum amount due to rupee appreciation. How to treat this refund amount means reducing asset value or any other treatment.
With Regards,
Girish.
I think you can reduce it from the cost of asset, since watever you have paid for hire purchase its come back & can not be treated as income.
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