example:
one of it person (son) gold value rs:5 lacs and property value rs:35 lacs gift from father .
question:
accounting entry passed procedure both persons books.
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Accounting entry passed procedure both person books
Replies (1)
In the books of Father:
Capital A/c Dr. 40 Lac
To Gold (Capital Asset) 5 lacs
To Property (Fixed
Asset) 35 lacs
In the books of son:
Gold (Capital Asset) A/c Dr. 5 lacs
Property (Land & Building) A/c Dr. 35 lacs
To Capital A/c 40 lacs
Capital A/c Dr. 40 Lac
To Gold (Capital Asset) 5 lacs
To Property (Fixed
Asset) 35 lacs
In the books of son:
Gold (Capital Asset) A/c Dr. 5 lacs
Property (Land & Building) A/c Dr. 35 lacs
To Capital A/c 40 lacs
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