23 January 2009
One of my friend is looking part time Accounts for a trust. He wanted to calrify the following doubt.
It is a Charitable Trust & registered on 1994. They purchased a land for Rs.100000/-. in the name of trust in same year and they have not maintained any accounts for this.Now they sold the same plot for Rs.2000000/- , from this amount they spent 1000000/- for purchasing a new plot.
Now my friend's question is how it should be accounted, since it has not maintained several years.
Duing these 14 years no activities has been taken place.
CAclubindia
