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Sale donation

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709 Points Joined January 2017
hi, if we want to donate one day sale to covid relief, how it should be treated in our accounting books.
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On 20 May 2021 at 17:20 Report
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Chartered Accountant
24588 Points Joined November 2019
Please elaborate in details
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On 20 May 2021 at 17:29
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709 Points Joined January 2017
The company decided that we donate all one-day online sale amount to covid relief foundation.
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On 20 May 2021 at 17:35
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Chartered Accountant
24588 Points Joined November 2019
Then the donation should not be recorded as revenue by the company. It will be treated as Donation given in P&L or in Balance sheet. It should be treated as expenses
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On 20 May 2021 at 17:53
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709 Points Joined January 2017
Ok, what about GST potion?
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On 21 May 2021 at 12:04
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student
30 Points Joined January 2012
Gst portion is not part of sales revenue , it's your liability to be deposited in government account. so it can't be donated.
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On 22 May 2021 at 18:48

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