accounting treatment of GIFT

Page no : 2

work is worship (Service) (2728 Points)
Replied 29 October 2012

For car gifted to a pvt company , the entry will be

Car a/c

To Partners capital a/c

if car is gifted to a specific partner

or otherwise

To partners Capital

( Distributed in thier profit sharing ration)

Deprecation would be in normal rate prescribed and entry will be

Depreciation a/c dr

To Car a/c

If car

anjali (partner) (28 Points)
Replied 28 January 2016

what should be the accounting entry for gift given to brother , and deduction in tax computation?

Mohammed Shahid Rahman (Partner) (143 Points)
Replied 11 April 2018

Hello Mr. Amol,

What will the entry for the person who is giving the gift (property-fixed to a son) ?

Currently I hve reversed your entry.

Dr Capital to

cr Fixed Asset

Is this ok for the person who is gifting?

VIJAY KAMALIYA (2 Points)
Replied 29 April 2018

How to pass entry in tally if any one can transfer money to his/her son/daughter????

Fatin Nizami (338 Points)
Replied 07 May 2018

The entry to be passed for gifting to his son/ daughter will be :

GIFT A/c Dr

To Son/ Daughter's A/c

surajit debnath (Articles accountant) (23 Points)
Replied 17 July 2018

Sir ,

I have faced a problem ,One person gift a Land to Trust for the year PY 2012-13.But at that time the relevent Land is not shown in this year .What can I do now?

Adil Shaikh (22 Points)
Replied 06 November 2019

how to ascertain NET REALISABLE VALUE?

abid hussain (2 Points)
Replied 26 February 2021

What if gift is given to some one like an MLA who inaugurated our business ?

Joshua Kupoluyi (2 Points)
Replied 21 May 2021

what will be the treatment of shares allotment to a company in another company which comes as a gift (you didn't pay for it) and the shares have value and available for sale.

Dogiparthy VinodKumar (2 Points)
Replied 21 February 2023

Capital A/C. Dr

To Investment in shares by third party A/c

Yasaswi Gomes new (Finance ) (4487 Points)
Replied 21 February 2023

Cash / Asset / Bank A/c Dr. xxxx To Capital A/c xxxx

How can it be capital as it will surpass taxes?

Yasaswi Gomes new (Finance ) (4487 Points)
Replied 21 February 2023

What AS standards teaching Indian CA's is rubbish. Capital? and a dozen of them made the same entry? It surpasses taxes! It must be recognised in income statement of corporate gifts are taxed.