Bhumit (accountant) (166 Points)
26 April 2018Dear Members
We have a Electrical Contactor Company.Which is Two Partner Partnership firm.One of this Partner buy GOLD (In Bill - Purchasere Name other than Partners) & Pay Amount from Firm Bank Account. Fact is it was a Gift which amount is 80000/-.
So, We need help that how to treat in account ? How can do enty in account ? Its allow as expenses ? Or other suggestion regarding this ?
Thanks
satish
(teaching)
(2046 Points)
Replied 29 April 2018
Bhumit
(accountant)
(166 Points)
Replied 01 May 2018
Its Personal Gift. We are contractor so we don't need for promote business.
satish
(teaching)
(2046 Points)
Replied 01 May 2018
CA Shanky garg
(Practicing Chartered Accountant)
(217 Points)
Replied 01 May 2018
It will be shown as Drawing/withdrawal of the Partner. It will not be shown as an expenses in P&L.
Fatin Nizami
(338 Points)
Replied 05 May 2018
It must be entered as Drawings in the books of the firm.
CAclubindia
