Journal entry for the Shares given as gift in the books, of both donor and donee
This query is : Resolved
Quick Summary
23 June 2023
My Mother in Law gifted me 10 shares of TCS on 30/05/2022. what journal entries has to be made to record the this transaction in both our books . Please also let me know what entries to be passed in tally for the same in both our books of account.
CA R SEETHARAMAN
(Expert)
23 June 2023
Current assets shares TCS 10 number amount (cost to the Mother in law) Dr.
To capital account credit.
To capital account credit.
CA R SEETHARAMAN
(Expert)
24 June 2023
Capital account Dr
To investment shares cr
(TCS 10 shares gift to son in law)
To investment shares cr
(TCS 10 shares gift to son in law)
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