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Hi,
I am having some issues as to how to account for fixed assets (cellphones) received from a supplier as complimentary. I am not quite sure how to account for this in my depreciation schedule as no cash was paid for these items.
Can anyone assist me in the correct treatment of these items?
Thanks.
Not hundred per cent sure about this one. Maybe recognise assets at price that would have been paid on arm’s length basis. Possibly market price less any likely discount.Debit asset this amount. Credit profit and loss if no conditions attached. Depreciate as you would similar class of bought assets. Would appreciate other people’s input. Hope this helps.
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