What is meaning of ficticious asset
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Answer / prasanna11149@yahoo.co.in
Fictitious Assets are not assets which are tangible and
visible like buildings, machinery , computer but the
expenditure on some activity which is considered as a
Capital expenditure instead of Revenue expenditure. When
expenditure incurred amount is not debited to Profit and
Loss A/C but shown as Fictitious asset and over a period
the amount is writtenoff or debited to Pand L account. For
example Share issue expenses by a Corporate, This is not
debited to P& L A/c in the year in which it is incurred but
debited in instalments as decided by Management over few
years.
| Is This Answer Correct ? | 156 Yes | 26 No |
Answer / suresh
these are assets not represented by tangible possession or
property. example of preliminary expenses discount on issue
of shares, debit balance in the profit and loss account
when shown on the assets side in the balance sheet.
| Is This Answer Correct ? | 51 Yes | 24 No |
Answer / just venkey.....
fictitious asset
Definition
Asset created by an accounting entry (and included under
assets in the balance sheet) that has no tangible existence
or realizable value but represents actual cash expenditure.
The purpose of creating a fictitious asset is to account
for expenses (such as those incurred in starting a
business) that cannot be placed under any normal account
heading. Fictitious assets are written off as soon as
possible against the firm's earnings.
| Is This Answer Correct ? | 29 Yes | 10 No |
Answer / jata shankar dubey
The meaning of fictitious assets is the assets which is not tangible in nature but the actual expense shown in the balance sheet.Example-debit balance of the p&L account which is shown in the balance sheet,misslinious expenses shown in the balance sheet.The fictitious assets written off after a period of time.
| Is This Answer Correct ? | 23 Yes | 9 No |
Answer / karthik
Assest which which is having capital expenditure in nature
which does not have any realizable value know as fictious
assetes.
Ex:Preliminary expenses, Discount on issue of sahres.Etc
| Is This Answer Correct ? | 18 Yes | 6 No |
Answer / ramana
fictious assets are those assets which are not represented
by tangable possession or property eg,priliminary
expensis, dr balance of p/l a/c
| Is This Answer Correct ? | 25 Yes | 14 No |
Answer / lokesh
fictious assets are those assets which are not represented
by tangable possession or property eg,priliminary
expensis, dr balance of p/l a/c
| Is This Answer Correct ? | 15 Yes | 9 No |
Answer / madhulika2011
Fictitious assets are those assets which are created or brought into accounts books by accounting entry, in other words these assets are not tangible assets in the sense that fictitious assets cannot be seen and also fictitious assets have no real value unlike intangible assets like goodwill which have value attached to them. Some Examples of fictitious assets are Discount which is given by the company when it issue shares, Preliminary expenses etc….
| Is This Answer Correct ? | 5 Yes | 6 No |
Answer / ahmad ali
Any preliminary or incidental expenses which could not be
showm in single year but similarily in many years,are
called ficticious asset.It is use for justify the financial
statement sound and fair.
| Is This Answer Correct ? | 1 Yes | 2 No |
Answer / sandhya
it is a asset recorded on the balancesheet of a business
which as value
| Is This Answer Correct ? | 1 Yes | 3 No |
your purchases 10 Furniture from Other company, your starting own furniture business. each furniture value is Rs.1000/-, your business purpose use 2 furniture. and other furniture are sales purpose ! pls tel me Purchases Entry !
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