What will be treatment of fund received for special purpose.
A govt office is reciving fund for Govt. and he trasfrer that fund into varous district. ?
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Fund for special purpose.
Replies (6)
Do you mean to say, the funds are not utilized for the specific cause?
Transferring to various district for thier assingmnet is the purpose for receiving the fund.
I want to know at the time of reciving and at the time to transferring the amount what entry should i do.
Creating new ledgers for the specific fund to each Disrticts would be better to track the flow of funds.
1. Receipt of funds: Bank acc Dr.
Cr. ABC Sp. funds acc.
2. Distribution : ABC Sp. funds Dr.
Cr District Sp. Fund acc with naration of each District name.
3. Disbursment: District Sp. Fund acc Dr.
Cr. Bank ac.
shuold it be shown to current liablities or reserve and surplus?
Can be taken as Reserve & Surplus.
Thank you so much sir.
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