Non profit organisation

This query is : Resolved

amulya (Querist)
Follow

22 August 2011 if there appears a sport fund, then the expenses incurreed on sport activities will b taken to income and expenditure account or not???
sir plz answer my query with some logic and in easy way!!!...thanks

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

22 August 2011 It depends on what is the nature of your business and how you are conducting and what is the constitution of your business. Is is a NGO, Trust, Partnership Firm, Company , etc.etc.

Are you getting grant from the Government for conducting sports on their behalf and so son. yu can contact me in details at sssunderagarwal@gmail.com

CA Sumat Singhal

CA Sumat Singhal (Expert)
Follow

22 August 2011 If fund is made for special purpose then exp incurred for that purpose will be charged from that not taken to income and exp.

Ravi Jhamb

Ravi Jhamb (Expert)
Follow

23 August 2011 There are two types of donation:-
1. General Donation
2. Special Donation.

General donation showed in I/E A/c.
Special donation showed in balance sheet and their related expenses deduct the same fund.