02 March 2010
A charitable trust has received a land from a donor. Stamp duty has been paid on Rs. 554000. The trust is 4 month old and is under the process of 80G and 12A registration. The accounts since inception upto the latest practicable date are required to be submitted with the Income Tax Authorities. My question is, at which value this land should be shown in the accounts. Please suggest the journal entry also. Thanks
CAclubindia
