Treatment of an itam received from winning a lucky draw
This query is : Resolved
29 March 2013
Suppose you are an accountant of a company and your colleague Ram is assigned to a task of purchasing cars for the use of company. While purchasing cars Ram has participated in a lucky drow organised by the supplyer and by chance(lucky enough!) end up with winning a gold coin.
Now, as an accountant, how will you record( or not record, if so why?) this gold coin in the books of accounts of the company. Show journal entries.
Thanks
26 April 2013
Value of gold coins to be recoginsed as income. Asset a/c Dr., Income a/c Cr.
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