Srikanth D (Occupied.) (168 Points)
16 August 2013What are the journal entries for the following :
A religious trust received donation for a specific purpose (ornaments)
Trust has spent the donation amount for purchasing ornaments later.
How the same is reflected in balance sheet while closing of accounts?
Devendra
(Chartered Accountant)
(4775 Points)
Replied 16 August 2013
Bank A/c Dr
To Corpus Fund A/c
(Being Donation received for the specific purpose)
Ornaments A/c Dr
To Bank A/c
(Being Ornaments purchased from the Donation received)
Ravi Chandra
(CA FINAL)
(98 Points)
Replied 06 September 2014
Dear devender,
How do you close the corpus fund account.
There we have to pass an adjustment entry
Corpus fund account Dr
To Ornaments account A/c
Rahul ojha
(Ca Artical)
(112 Points)
Replied 20 August 2019
Prachi Bansal
(3124 Points)
Replied 06 April 2021
| Originally posted by : Rahul ojha | ||
 |
Dear sir, Please suggest me journal entry for land donation received by a charitable society |
 |
I have the same question?
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
