doubt in entry
This query is : Resolved
18 July 2011
hi friends
can u plz tell me what will be the entry for gift received ...
can u plz tell me what will be the entry for gift received ...
18 July 2011
cash/bank a/c dr
to gifts recd ( capital) a/c
to gifts recd ( capital) a/c
19 July 2011
Credit your Capital account and Debit the Bank account for receipt of gift by cheque or cash if it is received in cash. Cash gift is risky and the gift is not exempt from tax if it exceeds certain amount as provided under the provisions of income, tax act
19 July 2011
thank you very much sir
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