What is meant by the Ficititious Assets?
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Answer / h.r. sreepada bhagi
A fictitious asset is an asset accounted and presented in
the Balance Sheet, but has no tangible existence or
realisable value, but represents actual expenditure
incurred. A fictitious asset is created to account the
expenses incurred but could not be charged off to the Profit
& Loss A/c of the year in which they are incurred.
Fictitious Assets can be amortized as soon as possible as
per the GAAP applicable to the country.
In other words, fictitious assets are not real assets which
can be felt & seen. An example of fictitious asset is
Preliminary Expenditure.
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / mallikarjuna
Fictitious assets like intangible asset... because it's not
represent physically..
Ex: preliminary expenses
discount on shares or debentures
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / paldasreekar
These are Assets not represented the Tangiable possion or
Property. Theses Assets under the Assets side in the
Balance Sheet. Eg. Preliminary expenses.
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / nitesh
In simple words, fictitious asset are imaginary amount which we use to tally the Balance Sheet......such as Net Profit being carried down to Reserves & Surplus (Liabilities side) while Net Loss carried down to Fictitious Asset (Asset Side)...........
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Answer / gangaiah
ficitious assets is a assets its not appearing and not
touching. ex prilimanary expences, good will
| Is This Answer Correct ? | 0 Yes | 3 No |
Anand put Hire charges bill for Rs 185250. During the course of work we supplied diesel worth Rs 25360,paid driver battas of Rs 1050.Pl pass journal entry by taking security deposit @ 5% and TDS @2.25%as deductions from bill
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