Application of income meaning of trust
This query is : Resolved
05 August 2019
Practical Aspects : application of income meaing of Application of amount may be of revenue or capital nature.
Example
Preparing Receipts and Payment
Total Receipt excluding opening balance of cash and bank and receipt including loan amount . The considering application of income of trust
Example
Preparing Receipts and Payment
Total Receipt excluding opening balance of cash and bank and receipt including loan amount . The considering application of income of trust
06 August 2019
Amount spent out of loan will not be considered as application of income Only refund of loan will be considered as application of income.
06 August 2019
Amount spent out of loan will not be considered meaning with example
07 August 2019
For construction of 10 lacs building 5 lacs is borrowed and 5 lacs spent from own funds, 5 lacs spent from own funds will be considered as application of funds. Repayment of loan from the funds of the trust will be considered as application of funds.
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