JOURNAL ENTRY ON GIFT RECEIVED FROM MOTHER
This query is : Resolved
03 September 2021
ABD (Proprietorship Firm) received Land as a gift Value Rs. 50 lakh &Reg Fess Rs. 60,000/- from mother .
Please suggest : Following Journal Entries is Correct or Not. If No, Please Reply with Correct entry
1. Land (Fixed Assets) -- A/C Dr. 50lakh
to Capital A/C Cr. 50lakh.
IN BALANCE SHEET:
ADD 50LAKH TO CAPITAL A/C IN LIABILITY SIDE AND ASSETS SIDE : 50LAKH SHOW SEPARATELY.
2. Registration fees will be added to Value Of Land or Not ?
plz reply as early as possible
THanking You
Bikash Rai
Please suggest : Following Journal Entries is Correct or Not. If No, Please Reply with Correct entry
1. Land (Fixed Assets) -- A/C Dr. 50lakh
to Capital A/C Cr. 50lakh.
IN BALANCE SHEET:
ADD 50LAKH TO CAPITAL A/C IN LIABILITY SIDE AND ASSETS SIDE : 50LAKH SHOW SEPARATELY.
2. Registration fees will be added to Value Of Land or Not ?
plz reply as early as possible
THanking You
Bikash Rai
03 September 2021
Journal entry is correct and Value of land should be increased by Registration fees
03 September 2021
Thank Sir.. land value + Registration Fees Rs.50,60,000/-
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