Journal entry for the Shares given as gift in the books, of both donor and donee

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This discussion covers the accounting treatment for shares gifted between individuals. It provides the necessary journal entries for both the donor and the donee to record the transaction accurately in their respective books of account. Guidance is also offered on how to implement these entries within Tally accounting software.

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(Querist)
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.
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CA R SEETHARAMAN

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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.
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Arun Baid

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Arun Baid (Querist)
23 June 2023 and in books of donor what will be the enrty
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
24 June 2023 Capital account Dr
To investment shares cr
(TCS 10 shares gift to son in law)
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