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what are fictious assets? give some examples?
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Answer / niyaz bin navaz
Fictitious assets are those assets which have no market value or which is not have physical appearnce.It represent actual cash credit and these are imaginery assets not real one.
Eg:- Priliminary exp.
Discount on issue oo shares
Advertisment exp.
Management exp.
Profit and loss (dr)
Formation exp.
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / deepak sharma....
Fictitious Assets Also known as deferred Revenue Expenses Are the Items which are not Assets in Reality....but they are shown in the assets side of Balance sheet due to their Debit balance.....
Some examples of Fictitious Assets are given below....
1) Discount on issue of shares/debentures.
2) Loss on issue of debenture.
3)P&L a/c (Dr)
4) Amalgamation
5)Preliminary Expenses
6)Underwriting of Shares/Debentures...
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / pragya
Fictitious assets are those assets which are shown in the books of accounts as like the other transaction but there is no actual cash transaction happens.
Like discount on issue of share
In this condition we will only pay the amount for the shares on discounted rates not on par ,we will receive an intangible amount as a discount ( which is not actualy been given to us in cash).
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / k.ramkumar
Fictitious assets are those which cant be debited in P&L a/c in the same year in which they are incurred.These are deffered revenue expenditure .These are intangible assets and are written off over a period of time.
Eg loss on issue on shares Management expense,Preliminary expense,Advertisement expense.
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Answer / pradeep gunuguntla
The assets which are created by the company are called
fictious assets.
eg: preliminary expenses , differed revenue expendeture
| Is This Answer Correct ? | 7 Yes | 7 No |
Answer / nikhil tiwari
Those assets on which money is spent but are not phyaically visible are known as fictitious assets.
i.e. balance of p/l account.
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / chinmay
fictitious assets are nothing but
expenses of heavy nature that cant
be treated as a revenue expense for
a reason that those expenses will
yield income for more than one
accounting period ( deferred ) and
ignoring that expense will be
against accounting hence it is shown
as assets and written off ( some
portions) each year just like
depreciation..
examples- heavy advertisement
expenses, preliminary
expenses,discount on issue of
shares, loss on redemption of
debentures, miscellaneous
expenditure...
| Is This Answer Correct ? | 2 Yes | 2 No |
Answer / sujay
WHERE IS MY PREVIOUS ANSWER. And ask some better questions while we post our answers
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / farkhanda naz
Fictitious assets are the assets having n0 market value and can n0t be sold in the market. Like preliminary exp, discount on issue of shares. These assets are written on assets side of balance sheet and being wrotten off fr0m year t0 year nd remains in the balance sheet till their balnce bec0mes zer0.
| Is This Answer Correct ? | 0 Yes | 0 No |
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