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194R-Accounting entry in the Benefit giver & receiver book

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(Querist)
13 June 2024 Suppose gold coins purchased by A Ltd. from Tanishq and it is given to B ltd. as per scheme of benefit.

Please tell me accounting entries to be passed in both A Ltd. and b Ltd. in the context of 194R.
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CMA Sagar Das

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CMA Sagar Das (Querist)
13 June 2024 Reply fast to this query
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
13 June 2024 For A it will be business expenditure u/h. Sales promotion
For B it will be credited as Business perquisites
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CMA Sagar Das

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CMA Sagar Das (Querist)
14 June 2024 What will be the Accounting Entry?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
14 June 2024 Goods purchased by A will be debited under Sales promotion
Gift received by B will be credited under incentive. for the said amount.

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