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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
Replies (8)
Quick Summary
It should be treated as donation received in kind
At What amount should it be recorded? Market Value or Cost?.. 12lakh or nominal value of 1Rs?
The actual amount received
No amount was received, it is donation in kind. shoul it be recorded in market value or 1rs?
The cost of the bus should be recognized as an receipt /income and treated as a PPE in the books of the NGO
The cost is 0 as it is a donation in kind.
The cost of the bus should be brought in. An asset can not cost 0.
So at market price?
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