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free gift

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(Querist)
02 February 2009 Dear Sir,

I would like to know the accounting treatment of free gift along with Fixed asset purchase.
Eg: If 10 gm of Gold Bar(M.V)-Rs.10000 is been gifted along with the Car(Cost)- rs. 10,00,000 then plz tell me the accounting treatment i.e, jounal entry.
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
02 February 2009 If you are keeping the gold as your asset. Then pass entry Gold to Misc income re.1.

Becasue gift do not have value you can do so and when you sell total value will be profit.

Second option value the gold pass an entry debiting gold at the arrived value crediting the car purchase.
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