accounting tratment
This query is : Resolved
Trilok chand
(Querist)
08 December 2009
Dear colleagues,
accounting treatment for gift recived by company.
accounting treatment for gift recived by company.
CA CHINTAN AJMERA
(Expert)
08 December 2009
Depend on gift. If cHeque Received then bank a/c. dr to gift a/c or land & building receved then l & b acc dr to gift a/c.
08 December 2009
The situation asked in the question is odd one.
First of all; gift is given out of natural love and affection.
Comapny is an artificial person. How a person can have natural love with artificial person?
However; there may be donation received by a company which may be given by a person voluntarily. In that case also; generally it may be a Section 25 Company.
In that case the company will pass the following entry :
Bank A/c Debit
and/or
Asset A/c Debit
To Donation
CA Surendra Rakhecha
Surat
First of all; gift is given out of natural love and affection.
Comapny is an artificial person. How a person can have natural love with artificial person?
However; there may be donation received by a company which may be given by a person voluntarily. In that case also; generally it may be a Section 25 Company.
In that case the company will pass the following entry :
Bank A/c Debit
and/or
Asset A/c Debit
To Donation
CA Surendra Rakhecha
Surat
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Tax on Amount transferred in HUF Account
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
