Received Rs.1,50,000.00 as donation by Trust (50,000 x3) for the purpose of Poor Student Relif on 26.03.20 in Trust bank account. Same was issued on 29.03.20 to students parents by cheque of Rs.10,000 each student. Same cheque was not clear upto the financial year end.
How to pass its accounting entry in Tally ERP 9 and what will be its head group??
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Donations Accounting Entries
Replies (6)
By Bank a/c 1,50,000₹
By Student 1 a/c 10000₹
.
.
.
By Student 15 a/c 10000₹
To Charity a/c 150,000₹
To Bank a/c 150,000₹
adjust tax and relief wherever necessary.
Receipt and payment entries have nothing to do with clearance from Bank. Such differences will form part of BRS.
@ CMA Poornima is my entry correct or wrong?
26.3.2020 pass entry
Bank A/c Dr 150000/-
To Donation Cr 150000/-
(Being donation received)
on 29/3/2020 pass entry
Student. A/c Dr 10000/-
To Bank. A/c Cr 10000/-
(Being payment of charity to student
likewise you have to 15 entries .
Now 29/3/2029 cheque rs 10000/ each (total 150000/-) -have been issued but not clear as on 31/3/32020 in Bank , while preparing bank reconciliation statement on 31/3/2020 ,in order to Tally your books of accounts bank balance , with bank statement on 31/3/2020 , you have to add back Rs 150000/- in your bank reconciliation statement because same balance has been reduced in your bank ledger after that it will Tally with Bank statement.
If you want to capitalise donation, You can show under Capital Fund , if not you can show income side of Income & Expenditure.
Bank A/c Dr 150000/-
To Donation Cr 150000/-
(Being donation received)
on 29/3/2020 pass entry
Student. A/c Dr 10000/-
To Bank. A/c Cr 10000/-
(Being payment of charity to student
likewise you have to 15 entries .
Now 29/3/2029 cheque rs 10000/ each (total 150000/-) -have been issued but not clear as on 31/3/32020 in Bank , while preparing bank reconciliation statement on 31/3/2020 ,in order to Tally your books of accounts bank balance , with bank statement on 31/3/2020 , you have to add back Rs 150000/- in your bank reconciliation statement because same balance has been reduced in your bank ledger after that it will Tally with Bank statement.
If you want to capitalise donation, You can show under Capital Fund , if not you can show income side of Income & Expenditure.
| Originally posted by : yasaswi gomes | ||
 |
@ CMA Poornima is my entry correct or wrong? |  |
Perfect
We have developed a Tally Customisation for Trusts / NGOs.
It prepares Donation Receipt / Details of Donors & Donation in Form 10BD for Income Tax Compliances.
You can view Demo / Walkthrough Video @ https://youtu.be/jRETu-pFY08 .
You can also visit my blog post @ https://canirmalg.com/2023/03/24/generate-donation-receipt-and-form-10bd-tally-customisation-with-tdl/
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