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194R-Accounting entry in the Benefit giver & receiver book

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CMA Sagar Das

CMA Sagar Das (Querist)
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13 June 2024 Suppose gold coins purchased by A Ltd. from Tanishq and it is given to B ltd. as per scheme of benefit.

Please tell me accounting entries to be passed in both A Ltd. and b Ltd. in the context of 194R.

CMA Sagar Das

CMA Sagar Das (Querist)
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13 June 2024 Reply fast to this query

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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13 June 2024 For A it will be business expenditure u/h. Sales promotion
For B it will be credited as Business perquisites

CMA Sagar Das

CMA Sagar Das (Querist)
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14 June 2024 What will be the Accounting Entry?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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14 June 2024 Goods purchased by A will be debited under Sales promotion
Gift received by B will be credited under incentive. for the said amount.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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31 August 2024 Good luck.

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