Non profit organisation
This query is : Resolved
22 August 2011
if there appears a sport fund, then the expenses incurreed on sport activities will b taken to income and expenditure account or not???
sir plz answer my query with some logic and in easy way!!!...thanks
sir plz answer my query with some logic and in easy way!!!...thanks
22 August 2011
It depends on what is the nature of your business and how you are conducting and what is the constitution of your business. Is is a NGO, Trust, Partnership Firm, Company , etc.etc.
Are you getting grant from the Government for conducting sports on their behalf and so son. yu can contact me in details at sssunderagarwal@gmail.com
Are you getting grant from the Government for conducting sports on their behalf and so son. yu can contact me in details at sssunderagarwal@gmail.com
CA Sumat Singhal
(Expert)
22 August 2011
If fund is made for special purpose then exp incurred for that purpose will be charged from that not taken to income and exp.
Ravi Jhamb
(Expert)
23 August 2011
There are two types of donation:-
1. General Donation
2. Special Donation.
General donation showed in I/E A/c.
Special donation showed in balance sheet and their related expenses deduct the same fund.
1. General Donation
2. Special Donation.
General donation showed in I/E A/c.
Special donation showed in balance sheet and their related expenses deduct the same fund.
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