Corpus fund

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Querist : Anonymous

Querist : Anonymous (Querist)

14 November 2013 Dear experts, we have a memorial trust and it is formed for construction of a temple. while commencing the construction a separate amount as shown as corpus fund in b/s and amount spent was shown as advance for construction in asset side. Construction went on for two years and returns were filed. Now the construction has been completed. How to shown this effect in B/s asset and liability side. We want to close the trust now as it met the requirement and no more needed.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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15 November 2013 You need to transfer advance into capital asset.

on the liability side corpus donation shall continue to exist.

now you are saying that the trust is not required now? how, who is going to manage the temple once the trust is shut?

Querist : Anonymous

Querist : Anonymous (Querist)

15 November 2013 Actually temple authorities will manage it. its a government temple and we are just building a gopuram in it.In th previous years it is shown as corpus fund and advance for construction. what can be done now. construction has completed and now i dont need that trust. waiting for your valuable reply

Querist : Anonymous

Querist : Anonymous (Querist)