- This topic has 3 replies, 2 voices, and was last updated 5 years ago by
.
Viewing 4 posts - 1 through 4 (of 4 total)
- Posts
Hi
Need to ask that if an entity pays in advance for acquisition of a non current asset and will receive the asset later, how we will be recording this transaction in FS?Thanks
I very much doubt that this would ever be relevant in Paper FA !!
However the payment will be treated the same way as a prepayment until the asset is received. Once the asset is received then the prepayment will be transferred to the asset account.
Viewing 4 posts - 1 through 4 (of 4 total)
- You must be logged in to reply to this topic.