Accounts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 October 2011
When can a fund be shown in the balance sheet ? ? only when the asset related to the fund exist ? if money recd for meeting expense it cannot be shown in b/s as it is not for an asset? pls explain
11 October 2011
Fund is to be shown in the B/S when the fund has been recd for specific purpose and the same remains unutilised at the year end.
The purpose must be specific irrespective of capital /revenue nature
The purpose must be specific irrespective of capital /revenue nature
11 October 2011
The fund to be shown till the time it is unutilised, on the complete utilisation for capital purpose, it must be transferred to Capital fund and corresponding asset to be shown in balance sheet
11 October 2011
If the donation is specifically recd for meeting expenses and the same remains unutilsed at the year end
the same in the name of fund can be shown in the balance sheet as Meeting Fund.
Receipt for specific purpose is the key factor which determines the fund to be maintained
the same in the name of fund can be shown in the balance sheet as Meeting Fund.
Receipt for specific purpose is the key factor which determines the fund to be maintained
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