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If I give gift to somebody, then how I'll show it in my
account
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Answer Posted / abdulla koya
Debit Gift Account
Credit Cash/Bank Account
(Given gift to Mr./Ms.........)
If the payment is made business cash:
Debit Drawings Account
Credit Cash/Bank Account
(Given gift to Mr./Ms.........)
Note: Never debit the personal account of the person
receiving the gift because it would make him your debtor in
the accounts
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