Accounting treatment for gift.
This query is : Resolved
02 August 2015
What will be the accounting entries for gift of immovable property by a mom to her daughter (relative as per AS 18)
kindly mention entries in the books of both donor and donee. And also amount at which recorded ie market price or historic price.
Thanks in advance.
CA R SEETHARAMAN
(Expert)
03 August 2015
Capital ac Dr
To asset ac Cr
(in the books of donor)
Asset ac Dr
To capital ac Cr
(in the books of donee)
Account it on historic price.
To asset ac Cr
(in the books of donor)
Asset ac Dr
To capital ac Cr
(in the books of donee)
Account it on historic price.
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