Received as gift

Fo r Machinery purchased entry will be

Machinery A/c DR 

      To Bank/Cash

if machinery is also received  as gift than entry will be

Machinery A/c     DR 

   To Capital A/c

& mobile phone rec as gift used for personal purpose , no entry would be passed in Books.

The other alternative can be,

Say the machine you have purchased brought you a gift. The investment towards the machine has been met from the business. So the worth of phone can be adjusted against AC.

Say, Business entity concept. If you have bought some thing for the business then its related thing will also be stand as the property of the business. Now the question will be how much amount is to be adjusted? You prefer the net realisable value of the phone as on that date and can be adjusted in the following way,(If so desire): -

Machinery with Gift A/c Dr.

    To Cash/Bank A/c.

Being Machinery purchased..................................!

AC    A/c Dr.                     XXXX

Mobile A/c Dr.                 XXXX

           To Machinery with Gift A/c.           XXXXXX

and at the time of withdrawing the same for personal use

Capital A/c Dr.   XXXX

  To Mobile A/c.                      XXXX

(Note: -The above one is alternative only not mandatory since the amount of mobile is reasonably less)

The other alternative can be,

Say the machine you have purchased brought you a gift. The investment towards the machine has been met from the business. So the worth of phone can be adjusted against AC.

Say, Business entity concept. If you have bought some thing for the business then its related thing will also be stand as the property of the business. Now the question will be how much amount is to be adjusted? You prefer the net realisable value of the phone as on that date and can be adjusted in the following way,(If so desire): -

Machinery with Gift A/c Dr.

    To Cash/Bank A/c.

Being Machinery purchased..................................!

AC    A/c Dr.                     XXXX

Mobile A/c Dr.                 XXXX

           To Machinery with Gift A/c.           XXXXXX

and at the time of withdrawing the same for personal use

Capital A/c Dr.   XXXX

  To Mobile A/c.                      XXXX

(Note: -The above one is alternative only not mandatory since the amount of mobile is reasonably less)

According to me,The entry will be:

  Machinery A/c Dr.       23500(30000-6500)

  Capital A/c Dr.                6500

                To cash/Bank A/c           30000