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Employees in apt

This topic has 1 reply, 2 voices, and was last updated 12 years ago by MikeLittle.

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November 2, 2013 at 7:11 pm #144399
hasanali95
Member
- Topics: 239
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P leases apartments to famous persons who r under a contract of employment to promote P’s fashion clothing.The apartments are let to them at below market rate,how do we treat this in Ps Financial statements?
Thanks
November 3, 2013 at 8:59 am #144417
MikeLittle
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- Topics: 27
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As though they were at an arm’s length rental – so gross up the rental income and show the newly introduced expense as a marketing cost
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