What should be the double entry of Gift Received ?

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