Donation to a npo
This query is : Resolved
14 November 2013
if some npo has received donation to meet day to day expenses.(being specific), where will it be accounted for in the books??
what is corpus fund?
does it have any corelation with my above question??
what is corpus fund?
does it have any corelation with my above question??
15 November 2013
it will be accounted as a general donation.
Debit the bank account and credit general donations(taken to income and expenditure account)
Corpus fund refers to permanent funds of a trust/society. Such funds are earmarked for specific expenditures only.
the correlation is that corpus fund donations are not transferred to income and expenditure account.
Debit the bank account and credit general donations(taken to income and expenditure account)
Corpus fund refers to permanent funds of a trust/society. Such funds are earmarked for specific expenditures only.
the correlation is that corpus fund donations are not transferred to income and expenditure account.
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