Gift received is recorded in which account

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1359 Points Posted on 26 December 2021
gift received is recorded in which account?? p&l or capital
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On 26 December 2021 at 17:52 Report
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This discussion explores the correct accounting treatment for gifts received. Participants debate whether such gifts should be recorded in the Profit and Loss (P&L) statement or directly in the Capital Account. The consensus leans towards crediting the Capital Account, reflecting that a gift is not a trading profit but an addition to the owner's equity.

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Self Employeed
169 Points Posted on 26 December 2021
Capital
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On 26 December 2021 at 21:10
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Company Secretary
7085 Points Posted on 27 December 2021
Show it in proprietor capital account Add it to the capital account
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On 27 December 2021 at 01:18
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1359 Points Posted on 27 December 2021
Why ???
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On 27 December 2021 at 18:16

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