Dear Friends
If X running a coaching centre receives say keyboards as gifts from his aunt.
he uses keyboard in his coaching centre.
then what entry will X pass in his coaching centre books.
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Gift
Replies (4)
Keyboards(Fixed asset) a/c Dr
To X. (With market value of keyboard)
Dear Ruchi
You mean to credit X capital Account in Coaching centre books. right ?
and what if the gift is received by Coaching centre from one of its students ?
regards
Dear Ruchi
You mean to credit X capital Account in Coaching centre books. right ?
and what if the gift is received by Coaching centre from one of its students ?
regards
The coaching centre is presumably here Not a Non-Profit organisation. If it is then the accounting entries will change. Otherwise it will still be the same.
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