Accounting procedures for gift

tanush2401 (Manager - Accounts) (21 Points)

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