19 January 2013
Debit the Proprietor's Capital Account and Credit the House A/c by the amount at which the gifted house is shown in the books of account. .
26 July 2013
I disagree with the expert as the entry in the books of son is required by the question raiser. The Son will credit his capital and debit the House as his capital increases and the assets is created in his account.
CAclubindia
