What would be journal entry for gift by cheque?
5 Replies
Sumit Grover
(Chartered Accountant )
(3652 Points)
Replied 31 January 2013
Bank A/C Dr.
To Gift Income A/c
Kanak Goenka
(Article Assistant)
(150 Points)
Replied 02 February 2013
Gift income should go in capital a/c........
V P Narasimhan
(Accounts Manager)
(793 Points)
Replied 11 February 2013
Dear
Gifts can't be treated as "expense" unless it has got its own exemption. So its better to clasify under "Expenses Disallowed" so that at the time of finalisation it wil be decided by the Auditor.
CA Ashish Gupta
(Internal Audit GST Balance Sheet Income Tax )
(55 Points)
Replied 12 February 2013
gift to xyzz A/C dr
to Bank A/c cr
kiran chhabhaiya
(article)
(79 Points)
Replied 14 February 2013
bank ac dr
to gift ac
gift is treated as indirect income from accountig point of viwe, from inocome tax point of viwe it is treated as
income of the persion so entry would be\
bank ac dr
to gift ac(under the head of capital a/c)
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