Gift entry

692 views
User Avatar

SUPRITENDENT
93 Points Posted on 06 February 2014

One of our assessee has received the gift of Rs. 1 lac in individual accounts. He is also carrying proprietory business in seperate name. Books of accounts are also maintained seperately. He transferred the gift amount to business. what will be the acconting entries in individual and business books of account???
 

 

0 Reply Share Follow
On 06 February 2014 at 18:45 Report
Replies (1)
User Avatar

Practising CA
5649 Points Posted on 07 February 2014
In personal books of account Dr. Personal bank account Cr. Gift Received Dr. Investment in Business a/c Cr. Personal bank a/c Now for business books of accounts Dr. Business Bank Cr. Capital a/c Replace bank by cash if transactions through cash. Gift deed be ready to avoid further disputes. Regards Raj C Doshi
Reply
On 07 February 2014 at 07:09

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Taxation of Gift - Father to Daughter
  2. TDS on Property Purchased above 50lakh
  3. Accounting Treatment in Tally for Restaurant Sales
  4. Form 146 required
  5. Rule 86(B) Applicability
  6. ROC FILINGS FY2025-26
  7. Mismatch in 26AS
  8. How Can a Trader Utilise Approximately ₹1.20
  9. How Can Law Students Present Papers at Conferences
  10. On which amount 200% penalty under section 270A is

More recent discussions | Post

Related Topics :

Loading

Latest Job Openings

View all
Company
04 September 2026
CA inter Or ca finalist

A Jaiswal and company

Lucknow

CA Final

View Details
Company
ARTICLESHIP 15 September 2026
Freelance Taxation Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
24 August 2026
Semi-Qualified CA/CA Finalist - Tax, GST, Audit & Accounts

Bharat Shah & Associates

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 26 August 2026
Article Assistant

ANIVESH CONSULTANTS LLP

Gurgaon

CA Inter

View Details
Company
28 August 2026
Audit Manager

K A R M & CO

Mumbai

CMA

View Details
Company
09 September 2026
Semi Qualified CA / CA Inter - 2 Groups Cleared

Getmyca Consultant Pvt Ltd

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 16 September 2026
CA Article Trainee

SR BAGAI & Co.

New Delhi

CA Inter

View Details
Company
08 September 2026
Semi-Qualified Assitant

Subrahmanyam & Sivudu CA Firm

Hyderabad

CA Inter

View Details