Dear Chartered Accountants,
Please help me out to understand in detail about the maintenance of a Trust Account.
What are all the Books of Accounts need to be maintain?
How the entries should be in books?
Etc....
Thanks & Regards// Kumar
Menu
Trust - Accounts
Replies (1)
Boss, a trust has to maintain accounts mainly for the purpose of Income tax exemptions. The major ones are:
1. Cash/Bank Book
2. Donations A/c(Reciept & Utilization)
3. Government Grants related A/cs (if any), Memmbership fees, Subscripttions
4. Payable , Recievable ledgers
5. Fixed Assets
etc
BAsically the books are almost same but the trust may change the accounting treatment for particular accounts.
Ex; Donations collected (for mid day meals) may be recognised as income over the period of 10 months(Schools remain open)
Recent Topics :
- Looking for practising CA
- TDS return filing
- Need formats of FS as per Co act 2013 in soft copy
- Remittance to italy
- Invoice made but goods not sent
- How Do CA Firms Manage Client Document Collection
- How do CA firms manage pending client documents du
- How to find a good CA
- Rcm on rent paid
- Clarify on GST Application
Related Topics :
CAclubindia
