Dear Sir/Madam,
If my friend purchase a Land that value of with stamp duty 12,50,000 & they donate land to me. then what is the entry in tally.
Regards,
Ganesh Kumar Kashyap
3 Replies
Ruchi
(CA)
(1410 Points)
Replied 17 November 2015
Donate land to you means he has gifted land to you? And books of accounts are yours as proprietor??
GANESH KUMAR KASHYAP
(Private Job)
(206 Points)
Replied 17 November 2015
Dear Madam
i am a accountant in my trusty & trusty received a land that value of rs. 12,50,000 as donation. please give me answer.
Ruchi
(CA)
(1410 Points)
Replied 23 November 2015
The asset should be recorded at : nominal value say Rs.1 or 10 or 100 +any incidental expenses.
Debit Land a/c and
Credit Contributions/Donations A/C
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