Journal entries

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ankhi bose (Querist)

14 September 2012 Pls give me the journal for the foll:
my company purchased 10 computers worth Rs 20000 each and got a tab free as a gift.
what will be the entry?
will the answer differ if a) the tab is issued to the ceo of the company for his office use(refundable)? b) if the tab is withdrawn by the director for his personal use? c) if the tab is used for office purpose?

Amol S Joglekar

Amol S Joglekar (Expert)

14 September 2012 What is the description in the invoice? The fixed asset register will have the entries of all the 11 (eleven) items. Dr amount 2,00,000 and corresponding credit is 2,00,000. The answer will not change in any case. (The answer may change if the tab is sold for some financial value eother director or CEO or anybody else.

ankhi bose

ankhi bose (Querist)

16 September 2012 thanks ....but then what if the computers i bought are my goods i am dealing in and the tab still comes as a gift? invoice is obviuosly not showing this as a gift.

Amol S Joglekar

Amol S Joglekar (Expert)

17 September 2012 now I think you are changing the STANCE ab initio. Please ask a fresh query. It will be easy to deal with that rather than editing the current one.

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