Accounting entry for gift transactions for both parties

rl334709 (student) (229 Points)

25 January 2015  

WHAT ACCOUNTING ENTRIES TO BE MADE FOR :

 -  GIFT TRANSACTIONS OF MONEY AMOUNT  ?

  1. IN THE BOOKS OF DONOR  -  WHO GIVES MONEY AMOUNT AS GIFT
  2. IN THE BOOKS OF DONEE  -  WHO RECEIVES MONEY AMOUNT AS GIFT