i have a trust audit .the trust is running 3 schools and a college under it .how am i supposed to prepare the accounts for the purpose of drtafting the audit report ??whether i should consolidate all of them or should i just transfer the profits os all subsidiaries to the main trust or ny other option do i have??
First of all you have to prepare the Income & Expenditure Account of each institution separately and if possible prepare Balance Sheet also. After this you have to take item-by-item and consolidate it into a Consolidated Balance Sheet and Income & Expenditure Account of the trust as awhole and file its IT Return if the trust is registered u/s 12A.
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