Treatment of gift

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Articled assistant
41 Points Posted on 25 August 2016

Dear all,

Please let me get through this....

How a gift given in cash be treated in accounts of an Individual. Gift has been given by individual to his wife.

Kindly provide me with proper acounting treatment along with appropriate reasons.

 

Regards

Manikanta S

Articled Assistant

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On 25 August 2016 at 10:47 Report
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Asst Manager(Internal audit)
982 Points Posted on 25 August 2016
if a gift is received as money from husband to wife treat it as a receipt of money.

bank/ cash A/c....Dr
To capital account.

as the money given by husband is coming into the business as additional capital.

gift received is her personal amount and the same is getting invested in business again....

hope you got clarified
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On 25 August 2016 at 11:09
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Articled assistant
41 Points Posted on 25 August 2016

Yeah got it,

But I need accounting treatment in the books of Individual(Husband) not in the books of wife.

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On 25 August 2016 at 11:25
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Articled assistant
41 Points Posted on 25 August 2016

Yeah got it,

But I need accounting treatment in the books of Individual(Husband) not in the books of wife.

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On 25 August 2016 at 11:27
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Asst Manager(Internal audit)
982 Points Posted on 25 August 2016
treat it as a drawings then

in the books of husband....

capital account.....Dr
To bank/cash A/c
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On 25 August 2016 at 11:40
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Articled assistant
41 Points Posted on 25 August 2016

Thank you.

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On 25 August 2016 at 13:39

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