journal entry for GIFT

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August 15, 2012 at 5:08 pm #54155
Saline
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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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Thanks 🙂
August 15, 2012 at 11:07 pm #104379
Ysbq
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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)

🙂
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