The assessee has formed Private Non discretionary Trust. What accounting entry should be passed for receipt of settled amount and expenses incurred for Formation of trust.
deepak K Gujrati (CA-practice) (966 Points)
23 July 2010The assessee has formed Private Non discretionary Trust. What accounting entry should be passed for receipt of settled amount and expenses incurred for Formation of trust.
GAUTAM CHANDRA MANDAL
(Dy Manager - Finance & Accounts)
(29 Points)
Replied 14 May 2012
What is turnover limit of VAT Audit in West Bengal? What is turnover limit of Income Tax, Service Tax and Central Excise Audit in West Bengal? Also in case of PF, P. Tax, WCT having any limit of trunover for Auditing??? Pl inform me at gautam_ch2 @ rediffmail.com
From
Gautam Ch. Mandal ,Ph 9831707812
V K Bajaj
(Accountant)
(1540 Points)
Replied 14 May 2012
On receipt of settled amount you will debit to Bank account and Credit to Corpus Fund.
If the expenses of Formation are around 10/12 thousand you can write and set off as expenses during the first year of Trust.
bhawna
(Student CA Final )
(35 Points)
Replied 03 June 2020
Amount received in cash for formation of trust how to show in books
CAclubindia
