Corpus fund
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 June 2015
Dear Sir,
Please tell whether corpus donation received from any person with written direction is treated to be income of the trust or not. Also guide the accounting entry of your reply
Please tell whether corpus donation received from any person with written direction is treated to be income of the trust or not. Also guide the accounting entry of your reply
Ankur Singhal
(Expert)
25 June 2015
Dear Corpus donation is not income of the trust.
Bank/CAsh A/c Dr.
To Corpus Fund.
Also if such donation not applied in full during the financial year the same will be shown in Balance Sheet as corpus Fund.
Bank/CAsh A/c Dr.
To Corpus Fund.
Also if such donation not applied in full during the financial year the same will be shown in Balance Sheet as corpus Fund.
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