Appanna (Supervisor) (63 Points)
22 October 20201) There is 10 School board members. Among all different denomination of amount received like, 50k, 20k, 80k 1lck, 2lck. Is this amount is Donation or Contribution or Capital ? How can I make entries in tally. In JV or Rcpt Vchr ? Please guide me regarding this sir.
prasad Nilugal
( GST Practitioner & Accounts )
(14217 Points)
Replied 22 October 2020
If it is Donation then pass entry as follows , please confirm
Bank A/c Dr
To Donation A/c Cr
( Being donation received )
Transfer Donation to Income & Expenditure A/c
Donation A/c Dr
To Income & Expenditure A/c Cr
( Donation Transfer to I&E A/c)
If some amount want to capitalize then pass entry
Donation A/c Dr
To Capital Fund A/c Cr
( Being donation amount capitalize )
Triasha Gaur
(article)
(115 Points)
Replied 25 October 2020
Nice Prasad sir, very useful and elaborated reply,
Also solved my query,
thanks.
CAclubindia
