WHAT ACCOUNTING ENTRIES TO BE MADE FOR :
- GIFT TRANSACTIONS OF MONEY AMOUNT ?
- IN THE BOOKS OF DONOR - WHO GIVES MONEY AMOUNT AS GIFT
- IN THE BOOKS OF DONEE - WHO RECEIVES MONEY AMOUNT AS GIFT
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Accounting entry for gift transactions for both parties
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Quick Summary
In donor"s books - Dr. Gift given ( under capital account ) Cr Casj/ Bank
In donee"s books - Dr. Cash/ Bank Cr. Gift Received (under capital account )
How to show the closing balance for doantions
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