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 Threads
- Best CA Office Management Software Tools for 2025
- GST ON ROYALTY APPLICABLE
- Income tax Regarding Rural Agriculture land
- Need Help & Clarification in ITR filing : ITR
- HOW TO ADD BANK ACCOUNT FOR A NON RESIDENT
- Gift to son for purchasing Commercial space
- Getting error in Date of filing of form 10IEA for
- GST rate on delivery charges
- Gratuity on resignation
- ITR-3 and ITR-4 Options Missing for Updated Return
Related Threads
CAclubindia
