Answer Posted / 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 |
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Q5 Prepare a Balance sheet from the following particulars: Gross profit =Rs.80,000 Gross profit to cost of goods sold =1/3 Stock velocity =6 times Opening stock =Rs.36,000 Accounts receivable velocity =72 days (year=360 days) Current assets=Rs.1,50,000 Account payable velocity=90 days Bills receivable =Rs.20,000 Bills payable=Rs.5,000 Fixed assets turnover ratio (on cost of goods sod)=8 times
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