Accounting for fixed asset received as donation

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Donated fixed assets should generally be capitalised at fair value with credit to donation/corpus or deferred income depending on nature of grant. There is debate on whether to use nominal value or fair value under AS 12/IAS 20. Depreciation treatment depends on whether the asset is recognised in books and applicable NGO/Trust rules.

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2 Points Posted on 15 July 2022
treatment of Fixed assets purchased in the book of trust ?
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On 15 July 2022 at 15:09
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2 Points Posted on 20 August 2023

We r a co-op hsg society and we r having a flat in society name.

But we hv not separately account in the books of accounts but shown as a unit value and b unit value

Now we intend selling the flat for using for major repairs. now should we separately account in the books of accounts with a particular value.this flat was purchased way back in 1974 and in 2012 the society was redeveloped and the society flat became bigger just like other flats.

Kindly advise

S Venkitasubramanian

Treasurer

Manav Kalyan CHS Ltd

Bangur Nagar goregaon West

Mumbai 400104

 

 

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On 20 August 2023 at 13:13

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