Donations received in Kind
19 September 2020 A Trust has received a second hand bus as donation. The trust has incurred expenditure for registration with RTO and insurance. How to account this bus in the Trust? And at what value?
19 September 2020 Account it as donation at fair market value and capitalise the bus. Expense it registration and insurance expenses.
21 September 2020 And how to find out the fair market value?
21 September 2020 Dealer of such bus can give you it's value.