Accounting procedures for gift

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Manager - Accounts
21 Points Posted on 12 July 2018

Dear Members,

Please note that , my firm has put a lucky draw for the customers and kept a car as a bumber draw prize.  So can anybody help me with accounting procedures for the payment we made on behalf of the lucky draw winner, the 30% gift tax we collected from the customer and payment of the same.  How we can make the ledger and under which category.

Thanks

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On 12 July 2018 at 18:12 Report
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Sr. Finance Executive
170 Points Posted on 13 July 2018
Customer A/c Dr.
Business Promotion A/c Dr.
To Seller A/c
To TDS payable


Bank A/c Dr.
To Customer A/c

Seller A/c Dr.
Tds Payable A/c Dr.
To Bank A/c
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On 13 July 2018 at 10:28

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