work is worship
(Service)
(2728 Points)
Replied 29 October 2012
For car gifted to a pvt company , the entry will be
Car a/c
To Partners capital a/c
if car is gifted to a specific partner
or otherwise
To partners Capital
( Distributed in thier profit sharing ration)
Deprecation would be in normal rate prescribed and entry will be
Depreciation a/c dr
To Car a/c
If car
anjali
(partner)
(28 Points)
Replied 28 January 2016
what should be the accounting entry for gift given to brother , and deduction in tax computation?
Mohammed Shahid Rahman
(Partner)
(143 Points)
Replied 11 April 2018
Hello Mr. Amol,
What will the entry for the person who is giving the gift (property-fixed to a son) ?
Currently I hve reversed your entry.
Dr Capital to
cr Fixed Asset
Is this ok for the person who is gifting?
VIJAY KAMALIYA
(2 Points)
Replied 29 April 2018
How to pass entry in tally if any one can transfer money to his/her son/daughter????
Fatin Nizami
(338 Points)
Replied 07 May 2018
The entry to be passed for gifting to his son/ daughter will be :
GIFT A/c Dr
To Son/ Daughter's A/c
surajit debnath
(Articles accountant)
(23 Points)
Replied 17 July 2018
Sir ,
I have faced a problem ,One person gift a Land to Trust for the year PY 2012-13.But at that time the relevent Land is not shown in this year .What can I do now?
abid hussain
(2 Points)
Replied 26 February 2021
Joshua Kupoluyi
(2 Points)
Replied 21 May 2021
what will be the treatment of shares allotment to a company in another company which comes as a gift (you didn't pay for it) and the shares have value and available for sale.
Dogiparthy VinodKumar
(4 Points)
Replied 21 February 2023
Capital A/C. Dr
To Investment in shares by third party A/c
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 21 February 2023
Cash / Asset / Bank A/c Dr. xxxx To Capital A/c xxxx
How can it be capital as it will surpass taxes?
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 21 February 2023
What AS standards teaching Indian CA's is rubbish. Capital? and a dozen of them made the same entry? It surpasses taxes! It must be recognised in income statement of corporate gifts are taxed.
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 26 January 2024
How about a fridge received from Coco cola company?
Dr. Fridge asset
Cr. Distributor Coco cola
Depreciate the asset and reduce the Coco cola account but don't charge the depreciation into income statement.
CAclubindia
