Gift entry
Lakshmi (Article) (171 Points)
12 February 2016
Hello friends
what will be accounting entry if grand father give FD as a gift to his minor grand daughter?
Please guide.
10 Replies
CA RAJESH BALSARA
(Proprietor)
(262 Points)
Replied 12 February 2016
Following entry in books of grand daugher.
Debit FD Account( it will appear in current asset group)
To Gift (it will be shown in capital account in credit side)
CA RAJESH BALSARA
(Proprietor)
(262 Points)
Replied 12 February 2016
Following entry in books of grand daugher.
Debit FD Account( it will appear in current asset group)
To Gift (it will be shown in capital account in credit side)
Lakshmi
(Article)
(171 Points)
Replied 12 February 2016
Thanks sir for replying. But what will be accounting entry in the books of grand father?
Lakshmi
(Article)
(171 Points)
Replied 12 February 2016
Thanks sir for replying. But what will be accounting entry in the books of grand father?
CA RAJESH BALSARA
(Proprietor)
(262 Points)
Replied 13 February 2016
One entry will be in credit side of bank for issuing cheque in favour of bank .And debit will be to capital account ..you can name this ledger as Gift...
GIFT DEBIT
TO BANK CREDIT..
(No second entry..only you need to give second effect of bank entry).
CA RAJESH BALSARA
(Proprietor)
(262 Points)
Replied 13 February 2016
One entry will be in credit side of bank for issuing cheque in favour of bank .And debit will be to capital account ..you can name this ledger as Gift...
GIFT DEBIT
TO BANK CREDIT..
(No second entry..only you need to give second effect of bank entry).
CA RAJESH BALSARA
(Proprietor)
(262 Points)
Replied 13 February 2016
One entry will be in credit side of bank for issuing cheque in favour of bank .And debit will be to capital account ..you can name this ledger as Gift...
GIFT DEBIT
TO BANK CREDIT..
(No second entry..only you need to give second effect of bank entry).
CA RAJESH BALSARA
(Proprietor)
(262 Points)
Replied 13 February 2016
One entry will be in credit side of bank for issuing cheque in favour of bank .And debit will be to capital account ..you can name this ledger as Gift...
GIFT DEBIT
TO BANK CREDIT..
(No second entry..only you need to give second effect of bank entry).
Lakshmi
(Article)
(171 Points)
Replied 13 February 2016
Thankd rajesh sir for replying. Can grand father get deduction under income tax??
CA RAJESH BALSARA
(Proprietor)
(262 Points)
Replied 13 February 2016
No.. Grandfather cannot claim deduction.
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