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IF MR.A HAS GIVEN A CHEQUE OF RS 50LACS TO MR.B AS GIFT HOW I WILL SHOW THE THIS ENTRY IN MY ACCOUNTS. AND THERE IS NEED TO MAKE GIFT DEED.
MR A. AND MR.B ARE RELATIVE.
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HOW TO SHOW ENTRY OF GIFT
Replies (2)
IN THE BOOKS OF MR. B (RECEIVER)
BANK AC - - - - - - - - DR.
TO GIFT INCOME OR CAPITAL AC.
(BEING GIFT RECEIVED)
IN THE BOOKS OF A(GIVER)
CAPITAL AC - -- - - - - - - - -- DR.
TOBANK
(BEING GIFT GIVEN)
YOU CAN ALSO DEBIT FIRSTLY B AC, AND AFTER THIS BALANCE OF B WOULD BE TRF. TO CAPITAL AC.
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