Menu
Accounting for gifts
A mother has given Gift to her Son by bank transfer . Entry passed is Gift to Son's A/c debit to Bank Credit. Is this correct entry or it should have been passed through her Capital Account. Right now Gift to Son is reflecting under Assets. What is right treatment and how to correct it.
Replies (2)
Now at finallization..
Capital acc Dr.
To Gift to Son acc. Cr.
Thanks a Lot Sir!
Recent Topics :
- Practical queries on buy back of shares
- Any faculty recommendations for latest batch recor
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
Related Topics :
CAclubindia
