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Dr: Gift received
Cr: Gain
Dr Asset (if cash or Asset item)
Credit:Gift (Income)
Debit asset account ( cash\\ bank\\ asset)
Credit ( gift \\ Capital) account
The recording of the gift would be based on nature, lifetime and materiality of the gift. If the gift is usable or has a material value addition to the business like a fixed asset machinery or painting it would be recognized in an asset of approprite category hence a debit, In terms of credit several approaches are acceptable recognizing it as other an income item and getting it refelected to Owners equity via PnL, or alternatively it can be treated as a reversal to gift and soveniours expenses already being incurred by the company (especially if it is regifted). Small, financially imaterial (to the company items) (meal vouchers, pens, calenders, diaries or cups) and one-off items that are not considered material are not usually reflected in accounts but are transffered/ditributed to staff in the relevent dept though based on managment discretion.
If it is Fixed Asset. Dr Fixed Assets
Cr Deffered Income
Charge to P/L as the asset depreciates proportionally. Dr Deffered Income
Cr P/L
If it is Current asset
Dr Current Asset
Cr P/L
Thanks for All of u ..it is really helpfull
Debit Asset (Cash Bank)
Credit Other Revenue