Payment through gift vouchers

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Querist : Anonymous

Querist : Anonymous (Querist)

17 September 2012 what will be the entry for payment done through gift vouchers?

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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17 September 2012 Which Type of payment is There.

is it Expenses?
is gift voucher already shown under current assets.

if yes, then credit gift vouchers.

if not, and its expenses is there then

no entry will be there.

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Querist : Anonymous

Querist : Anonymous (Querist)

17 September 2012 asset is being purchase and gift voucher are not shown under assets

and under which group should i show the gift vouchers

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Querist : Anonymous

Querist : Anonymous (Querist)

17 September 2012 and it there will be no entry then how should i will i show the payment agst fixed asset purchase

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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17 September 2012 When the gift vouchers are purchased-

Gift Vouchers A/c Dr.
To Cash
(Being purchase of gift vouchers)
It shall be shown under current assets.

When Expenses incurred-

Respective Expenses A/c Dr.
Gift Vouchers A/c

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Querist : Anonymous

Querist : Anonymous (Querist)

18 September 2012 Thank you for the response my query is solved.