Balance sheet adjustment
This query is : Resolved
15 November 2013
A trust received some fixed assets to trust but trust unable to shown in the receipt and payment account they are now directly show b/s balance sheet not tallied.if it taken to b/s how a
to adjust liabilities side anybody please guide me
Nikhil Kaushik
(Expert)
15 November 2013
you need to credit the corpus fund with an amount equivalent to the value of the fixed assets. that would tally the balancesheet and is also the proper treatment. since there is no cash involvement, it wont figure in the receipt and payment account.
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