i m a photographer started my own business my entire camera and accessories is sponsered by mother , how to show it final accounts ? how to prepare my capital account
CAMERA WITH ACCESSORIES IS WORTH RS 400000
Menu
Capital account for photographer
Replies (1)
Capitalize the fixed assets i. e. Camera with accessories of Rs. 400000/- and claim depreciation.
In thid case we make entry as:
Fixed Assets A/c…………….Dr. 400000
To Gift received A/c. 400000
Gift received A/c…………….Dr.
To profit and loss account A/c
And note Gift received from relatives are exempt from income tax.
In thid case we make entry as:
Fixed Assets A/c…………….Dr. 400000
To Gift received A/c. 400000
Gift received A/c…………….Dr.
To profit and loss account A/c
And note Gift received from relatives are exempt from income tax.
Recent Topic
- While e filing otp not generating
- INCOME FROM CLOSING OF NSS -1992 -EXEMPT UNDER W
- GPF AND COMMUTED PENSION RECEIVED
- How do I choose the correct trademark class? Can I
- Error in totalling salary amount in AIS
- Client consent under DPDPA: Is client sharing PAN,
- TDS MISMATCH
- Rebate on other income even if LTCG is above my 12
- Need CA to certify shareholding pattern.
- Ltcg savings
Related Topics
CAclubindia
