Journal entries

This query is : Resolved

ankhi bose (Querist)
Follow

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 b) if the tab is withdrawn by the director for his personal use?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)
Follow

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)
Follow

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)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

RAJ SANKLECHA

Pushkar Nagda

sachingurav

R.Prashanth

SUBASH CHANDRA BOSE

Subscribe Now

Journal entries

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA