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JOURNAL ENTRY ON GIFT RECEIVED FROM MOTHER

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(Querist)
03 September 2021 ABD (Proprietorship Firm) received Land as a gift Value Rs. 50 lakh &Reg Fess Rs. 60,000/- from mother .

Please suggest : Following Journal Entries is Correct or Not. If No, Please Reply with Correct entry

1. Land (Fixed Assets) -- A/C Dr. 50lakh
to Capital A/C Cr. 50lakh.

IN BALANCE SHEET:
ADD 50LAKH TO CAPITAL A/C IN LIABILITY SIDE AND ASSETS SIDE : 50LAKH SHOW SEPARATELY.

2. Registration fees will be added to Value Of Land or Not ?
plz reply as early as possible

THanking You
Bikash Rai
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ROHIT JAIN

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ROHIT JAIN (Expert)
03 September 2021 Journal entry is correct and Value of land should be increased by Registration fees
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bikash rai

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bikash rai (Querist)
03 September 2021 Thank Sir.. land value + Registration Fees Rs.50,60,000/-




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