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Accounting for gifts

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Accountant
86 Points Joined March 2007
A mother has given Gift to her Son by bank transfer . Entry passed is Gift to Son's A/c debit to Bank Credit. Is this correct entry or it should have been passed through her Capital Account. Right now Gift to Son is reflecting under Assets. What is right treatment and how to correct it.
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On 11 July 2017 at 17:54 Report
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SEO Sai Gr. Hosp.
211550 Points Joined July 2016

Now at finallization..

Capital acc     Dr.

To Gift to Son acc. Cr.

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On 11 July 2017 at 18:22
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Accountant
86 Points Joined March 2007

Thanks a Lot Sir!

 

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On 11 July 2017 at 18:29

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