I.t. Assess maintained a private hospital at present .but recently a hospital registered under trust registered.
question:
Assess accounting records maintained and difference between general categories and registration under trust for private hospital.
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Accounting question for hospital
Replies (1)
Moving to a Trust structure requires transitioning from commercial, profit-oriented accounting to fund-based accounting. The primary change is that surpluses cannot be treated as personal profit but must be reinvested into the Trust’s charitable mission, necessitating transparent tracking of funds, assets, and expenditures to meet statutory tax exemption requirements.
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