18 April 2014
what is the treatment of specific donation received in cash by npo school.... and what is the further treatment of expenses incurred for that purpose?
18 April 2014
Donation is income for the school & should b treated like that. If it is for Capital Fund like a part of school is under construction & donation received for that purpose then it should be capitalized.
18 April 2014
the specific donation is credited to corpus fund. any expense incurred is debited to the corpus fund instead of income and expenditue a/c
CAclubindia
