Accounting head for donation
This query is : Resolved
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Querist : Anonymous
Querist :
Anonymous
(Querist)
28 December 2011
we are partnership firm, and one of the partner had given donation to aids cure center pls tell me under which head should i put donation, one of the accountant is of view that it will come under indirect expenses but i knw its wrong, is it drawings, pls let me knw the proper group and heading for ledger
thanks
thanks
28 December 2011
If the firm wants to claim deduction of this donation under Section 80G, then treat it as an expense and charge to Donation A/c.
This donation will be disallowed while computing business income and 50% of the donation will be allowed as deduction u/s 80G.
If, however, the partner wants to claim the deduction u/s 80G, then charge it to Drawings A/c.
This donation will be disallowed while computing business income and 50% of the donation will be allowed as deduction u/s 80G.
If, however, the partner wants to claim the deduction u/s 80G, then charge it to Drawings A/c.
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