Ipf account under charitable organisation
Querist : Anonymous
e.g. if I treat regular patients for cash Rs. 2000 and Indigent patients free Rs. 500, then I will transfer Rs. 400 to indigent patient fund.
the accounting entries will be :
1. Free patient A/c Dr 500
Cash A/c Dr 2000
To Revenue A/c 2500
2. Ipf Payable A/c Dr 500
To Free patient a/c 500
3. Indigent patient exps dr. 400
To IPF Payable ac 400
Thus if I have opening credit balance of Rs.1000 in IPF Payable a/c, then closing balance will be 1000+400-500 = 900 Cr
Please tell me whether I am doing correct accounting or not. Our senior is asking us not to show free treated patient in Income and expenditure a/c and show only 2000 as revenue. Please guide me on this as early as possible from accounting principal point of view.
Querist : Anonymous
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