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DONATION for ngo

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73 Points Posted on 12 September 2021
If an NGO receives a bus as a contribution from a company giving through CSR. how should the same be recorded the books of accounts of the NGO. the market value of the bus is 12lakh. but the cost of acquiring is 0. please suggest a journal entry
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On 12 September 2021 at 00:53 Report
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Chartered Accountant
24588 Points Posted on 12 September 2021
It should be treated as donation received in kind
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On 12 September 2021 at 06:04
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73 Points Posted on 12 September 2021
At What amount should it be recorded? Market Value or Cost?.. 12lakh or nominal value of 1Rs?
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On 12 September 2021 at 12:59
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Chartered Accountant
24588 Points Posted on 14 September 2021
The actual amount received
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On 14 September 2021 at 14:00
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73 Points Posted on 14 September 2021
No amount was received, it is donation in kind. shoul it be recorded in market value or 1rs?
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On 14 September 2021 at 18:14
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4 Points Posted on 26 September 2021
The cost of the bus should be recognized as an receipt /income and treated as a PPE in the books of the NGO
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On 26 September 2021 at 21:37
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73 Points Posted on 26 September 2021
The cost is 0 as it is a donation in kind.
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On 26 September 2021 at 21:38
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4 Points Posted on 26 September 2021
The cost of the bus should be brought in. An asset can not cost 0.
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On 26 September 2021 at 21:40
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73 Points Posted on 26 September 2021
So at market price?
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On 26 September 2021 at 21:41


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