Computation of income in case of trust audit

Sumit Agarwal (CA Final Student) (79 Points)

19 June 2015  

Hello,

My question is I am conducting audit of a trust whose Gross receipts including voluntary contrbution is Rs. 373678 and it has utilised by way of expenses Rs.318200...

Now I want to know 15% set apart is to be calculated at Rs.373678 or (373678-318200).

Also if 15% is to be calculated at (373678-274987) then how will the trust utilise 85% as it has already expended 85% of its gross receipts...

 

Warm regards,

Sumit Agarwal