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Answer Posted / 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….
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Suppose My received Interest Income is 24934.59 And for the same time my Bank Charge total is 7785.19. Now the total Bank Charge will be deducted from Interest Income and the amount of (24934.59-7785.19)=17149.40 will be withdrawn to deposit in govt. Account.What will be the Journal Entry for 17149.40. Here, Already Bank Charge 7785.40 is Already Debited and 24934.59 is already credited in Journal.
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