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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!
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