194R-Accounting entry in the Benefit giver & receiver book
This query is : Resolved
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.
Please tell me accounting entries to be passed in both A Ltd. and b Ltd. in the context of 194R.
13 June 2024
Reply fast to this query
13 June 2024
For A it will be business expenditure u/h. Sales promotion
For B it will be credited as Business perquisites
For B it will be credited as Business perquisites
14 June 2024
What will be the Accounting Entry?
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.
Gift received by B will be credited under incentive. for the said amount.
31 August 2024
Good luck.
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