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Friday, April 9, 2010

Fictitious Assets

Such assets are nominal in nature and do not have real value. They are either the past accumulated losses or expenses incurred once in the life of a business. Some examples are,
  • Preliminary expenses
  • Discount or loss on issue of shares and debentures
  • Deferred revenue expenditure e.g. advertisement expenses
  • Brokerage and share underwriting commission
  • Debit balance of profit and loss account.

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