what will be the journal entry for the gift have received as a result of purchase of coupon worth of 50 pounds and the gift is a car of 50000 pounds worth.
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journal entry for GIFT
Gift is winning in a raffle in suppose.So, i guess 50 pounds is immaterial and will be charged out in income statement on purchase.
While winning a car would result in following journal;
Car 50,000
Income Statement 50,000
(car won in a raffle)
:)
While winning a car would result in following journal;
Car 50,000
Income Statement 50,000
(car won in a raffle)
:)
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