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What is the accounting treatment for free goods?

Accounting Cost Accounting Financial Accounting
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Question added by Visal Joseph , Tax Manager , Al Mizan Tax Consultants L.L.C
Date Posted: 2017/03/17
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Soliman Abd ALmalak Gendy
by Soliman Abd ALmalak Gendy , مدير ادارة مراقبة حسابات , الجهاز المركزى للمحاسبات

The entry: Debit the inventory account Credit the sponsorship account

Mohammad Iqbal Abubaker
by Mohammad Iqbal Abubaker , Jahaca Pty Ltd - Accounts Administrator , Jahaca Pty Ltd - Accounts Administrator

The question is not clear, are you asking about accounting for free goods received or free goods given as promotional expenses.

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