Journal Entry
This query is : Resolved
27 July 2010
Individual donated a kidney for an Hospital
In the books of the Hospital
Pass Journal Entries
In the books of the Hospital
Pass Journal Entries
27 July 2010
Dear Kannan,
Assuming kidney is classified as inventory in hospital books, it will follow the principal of "cost or market price whichever is lower". So no entry may be required, but it may be prudent to pass an entry like Dr. Stock in hand and Cr. Donation Income for a nominal value of Rs. 0.01.
The Item should be shown on inventory records as 1 quantity.
Assuming kidney is classified as inventory in hospital books, it will follow the principal of "cost or market price whichever is lower". So no entry may be required, but it may be prudent to pass an entry like Dr. Stock in hand and Cr. Donation Income for a nominal value of Rs. 0.01.
The Item should be shown on inventory records as 1 quantity.
27 July 2010
Accounting entries are passed when any event can be converted into money. But Kidney can not be considered into money terms as sale or purchase of kidney is illegal. So according to me for this stock can be maintain but it shall not be recorded in the books of hospital.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Scrutiny and reopening of past returns
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- Under construction property in ITR
- PPF interest-As Exempt Income disclosure
- Not able to file ITR
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- FEMA regulation Act. for inward remitance
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
