SAHIL GUPTA (Article Assistant) (28 Points)
04 April 2012What is the treatment of escrow account in Not for Profit org.?
How they got reflected in Income & Expenditure Account?
Can you provide me with all accounting entries to be made for receiving bank money and paying it to the contractor along with margin money?
Kolluru Krishna Murty
(Partner)
(315 Points)
Replied 04 April 2012
Escrow is a bank a/c and gets reflected in Current assets of Balance Sheet (Statement of Affairs) and does not effect Income and Expenditure a/c.
If there is some expenditure incurred for opening/operating the a/c,like other bank charges it should go to bank charges.
Escrow a/c per-se does not effect I&E a/c and only transactions that pass through Escrow a/c would effect I&E a/c.
kkm
Karan S.
(Entrepreneur)
(30 Points)
Replied 06 August 2019
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