A private limited company donated land to trust by gift deed how to account for in books of company?????
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Donation of land by company
Replies (4)
You would need to pass this entry:
Donation A/c........ Dr.
To Land
But then will donation be shown under Indirect Epenses?
Yes. ? is the problem.
Yes. It has to be shown under Indirect Expenses. In the Profit and Loss account, you will show it as Donations in the Operating and other Administrative Expenses schedule
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