If a car is given to a company as a gift which is to be considered as company asset, what would be right journal entry in the books?

Start networking and exchanging professional insights

Register now or log in to join your professional community.

Next Question:
Pass the journal entries for the following transactions in the Books of Mr S.K....
Posted by:
Mohammad Iqbal Abubaker
12-March-2017

Accounting Asset Data Entry

Question added by Amer Nawaz , Chief Accountant , Autocad Construction LLC.
Date Posted: 2016/02/18

Upvote (0) Views (4) Followers (1) Answers (1) Report Question

Write an Answer
Register now or log in to answer.

1 Answers

by Mohamed Berber

It will be based on the documents related to transfer the ownership of the car to the company

Downvote Reply () Report

Popular Searches

Sales Executive Jobs Engineers Jobs Engineering Technicians Jobs Accountant Jobs Driver Jobs

Write Your Answer

More Questions Like This

What is the purpose of Journal Entries?
Top Answer: Journal entries provide foundational information for all other financial reports and are used by audito ... See More

Answers (37)
When are we using journal entries on bank reconciliation?
Top Answer: For adjusting entries we pass the journal entries in BR, eg:- Bank service charge for maintaining the acc ... See More

Answers (7)
What is the Financial lease & Capital Lease. What will be the journal entry for financial lease. Thanks?
Top Answer: Finance Lease is expressed as an agreement wherein the lessor receives lease payments for the covering of ... See More

Answers (1)
What are the process & steps of making a journal entry?
Top Answer: I agree with MR Mohammed 'answer See More

Answers (2)

Do you need help in adding the right keywords to your CV? Let our CV writing experts help you.