accounting treatment of GIFT

For car gifted to a pvt company , the entry will be

Car a/c 

To Partners capital a/c

if car is gifted to a specific partner 

or otherwise

To partners Capital

( Distributed in thier profit sharing ration)

Deprecation would be in normal rate prescribed and entry will be

Depreciation a/c dr

To Car a/c

If car 

what should be the accounting entry for gift given to brother , and deduction in tax computation?

Hello Mr. Amol,

What will the entry for the person who is giving the gift (property-fixed to a son) ?

Currently I hve reversed your entry.

Dr Capital to

cr Fixed Asset

Is this ok for the person who is gifting?

How to pass entry in tally if any one can transfer money to his/her son/daughter????

The entry to be passed for gifting to his son/ daughter will be :

GIFT A/c Dr

     To Son/ Daughter's A/c

Sir ,

I have faced a problem ,One person gift a Land to Trust for the year PY 2012-13.But at that time the relevent Land is not shown in this year .What can I do now? 

how to ascertain NET REALISABLE VALUE?

what will be the treatment of shares allotment to a company in another company which comes as a gift (you didn't pay for it) and the shares have value and available for sale.

Capital A/C.  Dr 

     To Investment in shares by third party A/c

Cash / Asset / Bank A/c Dr.                             xxxx To Capital A/c                                                             xxxx  

How can it be capital as it will surpass taxes? 

What AS standards teaching Indian CA's is rubbish. Capital? and a dozen of them made the same entry? It surpasses taxes! It must be recognised in income statement of corporate gifts are taxed.

How about a fridge received from Coco cola company?

Dr. Fridge asset

Cr. Distributor Coco cola

Depreciate the asset and reduce the Coco cola account but don't charge the depreciation into income statement.