FINAL ACCOUNTS OF SOLE PROPRIETORSHIP — Commercial Studies STD 10 — Question
ICSE BoardEnglish MediumSTD 10Commercial StudiesFINAL ACCOUNTS OF SOLE PROPRIETORSHIP2 Marks
Question
What are fictitious assets?
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Answer
The assets which represent no property and no market value are called fictitious assets. Preliminary expenses, discount on issue of shares and debentures are examples of fictitious assets. These are written off in the profit and loss account over a period of more than one accounting year.
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