What 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?
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
Chirag N Shah & Associates
Mumbai
CA Inter
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