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
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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.
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