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hi John
If we get tangible non-current asset free of charge. lets suppose somebody gave that asset us as a present. in this case do will we depreciate the asset? and also how do will do double entry for this transaction?
It is not exactly very likely that someone would give an asset to a business free of charge, and it certainly won’t happen in Paper F3 !
The only situation could be the owner (a sole trader) ‘giving’ an asset to his own business, in which case you would debit the asset account and credit the capital account with the value of the asset.
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