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Asset given as gift

Accountancy

Suppose my balance sheet is getting tallied with amount of 10lacks and someone gifts me house of rs 30 lakhs now my asset will be of Rs. 10,30,000 so what will be on liability side as the house is gifted to me.???

Prathmesh kharul

CA Foundation

★ 3K+

03-Nov-22 23:52

468

Answers (8)

Best Answer

Btw good question

Sugam SM

CA Final

★ 9K+

03-Nov-22 23:55

This is something like abnormal gain and credited to profit and loss account. Then it is added to capital.

Sugam SM

CA Final

★ 9K+

03-Nov-22 23:55

I think so not abnormal gain. But credited to capital account

Sugam SM

CA Final

★ 9K+

03-Nov-22 23:57

Asset a/c Dr To Capital a/c. Bcz such asset is of capital nature

Sugam SM

CA Final

★ 9K+

03-Nov-22 23:57

Sugam SM

Asset a/c Dr To Capital a/c. Bcz such asset is of capital nature

So in such case how will balance sheet tally?? Because liability side will be more and what about asset side

Thread Starter

Prathmesh kharul

CA Foundation

★ 3K+

04-Nov-22 00:13

Thread Starter

Prathmesh kharul

So in such case how will balance sheet tally?? Because liability side will be more and what about asset side

Asset is recognised on asset side. Left side of B/s is both for capital and liabilities....

Sugam SM

CA Final

★ 9K+

04-Nov-22 00:14

Thread Starter

Prathmesh kharul

So in such case how will balance sheet tally?? Because liability side will be more and what about asset side

It will tally since capital account is credited, capital will be increased so as the asset. So it will tally

Sugam SM

CA Final

★ 9K+

04-Nov-22 00:15

Asset Dr To Capital

Mohammed Saffan

CA Inter

★ 1K+

04-Nov-22 02:53