Donation sale

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1 Points Posted on 12 August 2020

If i receive Land as a donation and sale, what would be the entry?

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On 12 August 2020 at 02:04 Report
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This discussion clarifies the accounting treatment for receiving land as a donation and subsequent sale. It proposes debiting the asset account (land) and crediting revenue. The conversation also explores the accounting entry for selling goods received as a donation, questioning the limits for such sales and whether cash or bank accounts should be used.

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Accountant
24 Points Posted on 12 August 2020
Asset a/c(land) dr
To Revenue a/c
This records the asset on the company's books and also records revenue from receiving the donation.
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On 12 August 2020 at 06:35
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GST PRACTITIONER
236 Points Posted on 14 August 2020

Dear sir

If i sale Goods As donation and , what would be the sale entry ??

What is the limit for donation sales ??if  cash or Bank ??

Please suggest me 

 

Thanks in Advance 

Madhu M

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On 14 August 2020 at 04:18

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