Dear Friends
If X running a coaching centre receives say keyboards as gifts from his aunt.
he uses keyboard in his coaching centre.
then what entry will X pass in his coaching centre books.
4 Replies
Ruchi
(CA)
(1410 Points)
Replied 22 November 2015
Keyboards(Fixed asset) a/c Dr
To X. (With market value of keyboard)
Shivani
(Learner)
(1881 Points)
Replied 23 November 2015
Dear Ruchi
You mean to credit X capital Account in Coaching centre books. right ?
and what if the gift is received by Coaching centre from one of its students ?
regards
Shivani
(Learner)
(1881 Points)
Replied 23 November 2015
Dear Ruchi
You mean to credit X capital Account in Coaching centre books. right ?
and what if the gift is received by Coaching centre from one of its students ?
regards
Ruchi
(CA)
(1410 Points)
Replied 23 November 2015
The coaching centre is presumably here Not a Non-Profit organisation. If it is then the accounting entries will change. Otherwise it will still be the same.
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