Regarding journal entry for land received as donation
This query is : Resolved
27 March 2015
Hello Friends
A trust registered u/s 12A received a land as a donation for running the school (i.e. For charitable purpose) so plz tell me what journal entry will pass in book of A/c.
waiting your reply
A trust registered u/s 12A received a land as a donation for running the school (i.e. For charitable purpose) so plz tell me what journal entry will pass in book of A/c.
waiting your reply
27 March 2015
Land a/c....dr
to Corpus fund a/c (means like capital a/c)
to Corpus fund a/c (means like capital a/c)
31 March 2015
Thank you Tushar Sampat
31 March 2015
you are welcome shyam...........
01 April 2015
Tushar ji one more thing I would like to know that What Value should be taken for Land in books of Account, we paid 1100000 for stamp purchase for this
01 April 2015
u need to book at gross value i.e all the exp like reg fees etc should also be capitalised along with purchase price.
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