Entries for whole transaction of collection of specific building funde under trust

This looks like an irrevocable trust.

Dr. Cash

Cr. Grantor

When building starts use construction  contracts accounting till asset is complete and recognise the building in the truat balance sheet. Then rest is common depreciation etc and AS standards are applicable. 

Forgot. Construction contracts must be used if it is a bot contact. Or else account for it normally. First create a provision if you want to be specific so that you can set aside some reserves for better transparency and analysis.

Dr. Construction reserve 

Cr. Bank and then use the above asset rather than bank as it is set to limits.

Purchases dr.

Tax dr.

Construction reserve cr.

For purchasing material

Dr. Labor

Cr. Contruction reserve etc.

You can use bank directly if your comfortable. Here there will be no loss or gain on the project as its self constructing building. 

(on receiving specific donations)

Cash/Bank A/c Dr.

To Building Fund A/c

(on building construction)

Building WIP A/c Dr.

To Cash/Bank A/c

(on completion of construction)

Building A/c Dr.

To Building WIP A/c

Building Fund A/c Dr.

To General Fund A/c

Ok wip is more approriate head.

Inventory dr

Cos cr.  

Then how about 

WIP dr

To Inventory  periodically i guess

But what will happen to the cos. I guess  since its in current assets, it doesnt BSE doesnt get effected  

Then 

Dr. WIP

Cr. Labor  (debit on ledger) and COGS is on the credit side and this is the debit nominal balance. 

Or rather say

Dr. WIP

Dr. Inventory 

Dr. Labor 

Cr. Bank

Because all costs are capitalised instead of using wip ledger. Because bank already got credited and inventory and labor debited to WIP.

But  new capital grantor is credited and we have to write him off because he holds no ownership. 

Dr  grantor 

Cr.  Capital account 

The name of the person is deleted. If there is no tax comsequence in trust accounting we can 

Dr. Cash

Cr. Grantor in profit and loss itself because it is increasing capital account anyways and we dont have make another entry.

The governmemts will fire both of us because the sections here doesnt mention anything about cash chariy. But donating a building and income from is tax exempt. 

Ok schedule 9B of Maharshtra trusts has incomes and expenditures account and what difference would it make when it has the principles of income statemet. Trust accounts is fun icai has format with a balance sheet where p&l is consolidated into the balance sheet. My mistake