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Accounting treatment for a companys
Mahindra gives a car to neeraj chopra as a gift how does we accounts for that ??? its treatment in profit and loss account??
Replies (2)
Car purchase a/c
tax a/c
To Bank a/c
then it is automatically in the possession of asset
Gift a/c
gift Tax a/c
To Assets a/c
or you can pay the dealer and give delivery address of his friend. then
Gift a/c
Purchase tax a/c
Gift Tax a/c
To bank a/c
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