Dear Sir/Madam,
If my friend purchase a Land that value of with stamp duty 12,50,000 & they donate land to me. then what is the entry in tally.
Regards,
Ganesh Kumar Kashyap
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Land & building
Replies (3)
Donate land to you means he has gifted land to you? And books of accounts are yours as proprietor??
Dear Madam
i am a accountant in my trusty & trusty received a land that value of rs. 12,50,000 as donation. please give me answer.
The asset should be recorded at : nominal value say Rs.1 or 10 or 100 +any incidental expenses.
Debit Land a/c and
Credit Contributions/Donations A/C
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