20% off ACCA & CIMA Books

OpenTuition recommends the new interactive BPP books for September 2025 exams.
Get your discount code >>

Accounting

This topic has 1 reply, 2 voices, and was last updated 7 years ago by MikeLittle.

Viewing 2 posts - 1 through 2 (of 2 total)

Author
Posts
September 4, 2017 at 1:32 pm #405345
annamalai27
Member
- Topics: 29
- Replies: 6
How to account for an asset that was given for free(as a gift) to a company?
What would be the carrying amount while recording?
September 4, 2017 at 2:13 pm #405351
MikeLittle
Keymaster
- Topics: 27
- Replies: 23331
On receipt of the asset – record at cost = $Nil
Could then revalue to fair value and depreciate that fair value over the remaining estimated useful life
OK?
Author
Posts

Viewing 2 posts - 1 through 2 (of 2 total)

The topic ‘Accounting’ is closed to new replies.