free gift
This query is : Resolved
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.
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.
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.
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.
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
- CLOSING STOCK QUERY
- Missed TDS
- ITR 44AD SECTION
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Loss of interest in PF transfer from EPFO to Trust
- TDS on rent received on hardship compensation being rent on redevelopment of building
- NRI INSURANCE ADVISOR
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- Residential status of non resident
- DUE DATE FOR ITR FILING
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
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
