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Sale donation
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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Quick Summary
Please elaborate in details
The company decided that we donate all one-day online sale amount to covid relief foundation.
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
Ok, what about GST potion?
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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