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Dear Tutor, How can an office space given (without consideration) by my uncle be treated in my books. Is it allowed to expense a notional rent which is the amount of rent paid for the space by others.
What would be the accounting treatment for such a gift.
Thank you.
Is this space given or is ownership still with your uncle? Are you going to pay a rental?
If your uncle retains ownership and you are not paying any rental, then you do nothing with it!
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