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How i do accounting of an event?
Dear Sir/Madam
My friends are organise an event about animation at a large scale,which includes sponsorship from various entities and also having big expenditure for inviting guess from that field.I want to know it is just an event,not an entity so how I do accounting of it it start from March2013 and end on 15/0 4/2013.Am I do accounting for two periods from 01/03/2013 to 31/03/2013 and from 01/04/2013 to 30/04/2013.please help me and if any suggestions you have please kindly send me.
Thanking you
Replies (1)
Sure,
As per my opinion you must split as two financial year,
your event start from 01-03-2013 and end 15-04-2013, so total days = 45 days
If the incurred amount is Rs 1,00,000/- then please see my calculations
(100000x31)/45=68889 for current period
And 100000x14/45=31111 for prepaid expenses.
Then you are not mentioned the nature of this event, if it is for advertising then it comes advertisement expenses, and Prepaid advertisement expenses
If it is your business’s annual day celebration then its comes under business promotion,
Thank you
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