What 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?
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)
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
| Originally posted by : Rahul ojha | ||
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Dear sir, Please suggest me journal entry for land donation received by a charitable society |
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I have the same question?
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