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Forums › ACCA Forums › ACCA FR Financial Reporting Forums › Complimentary items.

  • This topic has 1 reply, 2 voices, and was last updated 3 years ago by mrjonbain.
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  • July 27, 2021 at 12:41 pm #629566
    triciajames
    Participant
    • Topics: 1
    • Replies: 1
    • ☆

    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.

    July 27, 2021 at 5:54 pm #629600
    mrjonbain
    Moderator
    • Topics: 6
    • Replies: 2484
    • ☆☆☆☆☆

    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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