Accounting procedures for gift

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

Replies (1)
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

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
16 July 2026
CA Inter, CA Intermediate, CA IPCC, CA CPT , CA SemiQualifie

Vakilsearch.com

Chennai

CA Inter

View Details
Company
14 July 2026
Senior Executive/ Manager

H S SHARMA AND CO

Pune

CA Final

View Details
Company
23 July 2026
Semi qualified CA

Garg Bros & Associate CA

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 17 July 2026
Article Assistant and B.com pass

BANSAL YOGESH AND CO

Gautam Budh Nagar

B.Com

View Details
Company
29 July 2026
Audit Executive

RBSM Corporate Advisors Private Limited

Pune

CA

View Details
Company
13 July 2026
AVP / VP - PCG Advisory

Workforce Connect

Mumbai

MBA

View Details
Company
23 July 2026
CA Inter

Vikram Jadhav and Company

Pune

CA Inter

View Details
Company
22 July 2026
Senior Chartered Accountant

SKSS

Patna

CA

View Details