Accounting entry for trust

A/c entries 6335 views 4 replies

My question is .........

if any trust is recieved amount for construction of building . than after building is complete  my query is 

1. as soon as recieved amount  we create A fund for only building purpose . whose entry should passed  ?

2. for construction of  building  we made  expenses . whose entry should passed  ?

3. at last when building is complete & our purpose is fuil fill to jo fund banaya tha uska kya hoga ya    whose entry should passed  ?

 
so kindly provide the correct entry for me ...........................
 
Replies (4)

1. At the time of receiving fund:-


Bank A/c.....Dr.

            To Building Fund....

2. At the time of expenditure related to construction:-

Capital Work in Progress A/c.....Dr.

                 To Bank

3. On Completion of Construction:-


Building A/c......Dr.

                To Capital Work in Progress

 

Originally posted by : CA Parul Saxena


1. At the time of receiving fund:-


Bank A/c.....Dr.

            To Building Fund....

2. At the time of expenditure related to construction:-

Capital Work in Progress A/c.....Dr.

                 To Bank

3. On Completion of Construction:-


Building A/c......Dr.

                To Capital Work in Progress

 

but building fund to books mai bana rahega 

iska kya hoga 
 

 

1.Bank a/c                                      *********

         To Building Fund A/c          *********

2.Capital work in Process(exp) A/c    ********

        To Bank/cash/Contractor    *********

3.Building     A/c                            *********

        To Capital Work in Pocess(exp) A/c ********

 

 

 

 

Balance sheet

Assets: Building   **************

Liabilites: Building Fund a/c ***********

at the tme of received fund 

1  Bank a/c         Dr

           To Building fund a/c

2 at the time of expenditure

    WIP a/c          Dr

           Bank a/c

3 Building a/c     Dr

     WIP a/c 

Balance in B/sheet 

Liabilities Side : Building Fund ........

Assets Side    : Building a/c  ..........

      


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